$15,000 was invested, from which can be withdrawn a geometric gradient series of annual payments decreasing at...

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$15,000 was invested, from which can be withdrawn a geometric gradient series of annual payments decreasing at the rate of 10% per year. The first payment received was $3,000 and it occurred after the investment followed by the remaining five payments (total of six withdrawals). What is the rate of interest earned on this investment?
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Engineering Economy

ISBN: 978-0132554909

15th edition

Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

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