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Calculate the present worth of the annual payments

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Question - As an owner of an apartment in a housing complex, you are obligated to pay annual maintenance fees. The first payment at EOY 1 is $1500 and the payment each following year will be 8% more than the payment the year before, If the annual interest rate is 8%, calculate the present worth (at EOY 0) of the annual payments from EOY 1 to EOY 10.

Reference no: EM133035065

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