The present worth of an increasing geometric gradientis
Chapter 2, Problem 2.75(choose chapter or problem)
The present worth of an increasing geometric gradientis $23,632. The interest rate is 6% per yearand the rate of change series is 4% per year. If thecash flow in year 1 is $3,000, the year in which thegradient ends is:(a) 7 (b) 9 (c) 11 (d) 12
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