You have just been elected into the Society ofHonorable
Chapter , Problem 7-28(choose chapter or problem)
You have just been elected into the Society ofHonorable Engineers. First-year dues are waived inhonor of your election. Thus, your first-payment of$200 is due at the end of the year, and annual duesare expected to increase 3% annually. After 40 yearsyou become a life member and no further dues areowed. Instead of paying annual dues, however, youcan pay a one-time $2000 life membership fee.(a)Show the equation for determining the rate ofreturn for buying a life membership.(b)What is the rate of return?
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