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A man borrows $1500 promising to repay the sum borrowed and the proper interest by 10 equal yearly installments, the first two falling due in 1 year’s time. Reckoning C.I. at 5% p.a., find the value of the annual installment.
A man borrows $1500 promising to repay the sum borrowed and the proper interest by 10 equal yearly installments, the first two falling due in 1 year’s time. Reckoning C.I. at 5% p.a., find the value of the annual installment.
Solution
Previous article: Find the amount and present value of an annuity certain of $150 for 12 years, reckoning interest at 3½% p.a.
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Next article: A company buys a machine for $100,000. Its estimated life is 12 years and scrap value is $5000. What amount is to be retained every year from the profit and allowed to accumulate at 5% C.I. for buying a new machine at the same price after 12 years?
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