Question: Precision Instruments, Inc. manufactures high sensitivity mini accelerometers designed for modal analysis testing. The company borrowed $10,000,000 with the understanding that it would make a

Precision Instruments, Inc. manufactures high sensitivity mini accelerometers designed for modal analysis testing. The company borrowed $10,000,000 with the understanding that it would make a $2,000,000 payment at the end of year 1 and then makes equal annual payments in years 2 through 5 to pay off the loan. If the interest rate on the loan was 9% per year, how much was each payment in years 2 through 5?

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