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Help with economics based on gradient and annual series

 
 
Reply Sun 16 Oct, 2016 08:18 pm
The question is below and the answer is $627.58

Find the uniform annual series of seven payments that would be equivalent to the following gradient series: $500 initially, with a $50 increment per year, for a total of seven years. The interest rate is 12%, compound annually.

Thanks in advance.

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