NMTeX Oil owns several gas wells in Carlsbad, NM. Revenue from the wells has been increasing according
Question:
NMTeX Oil owns several gas wells in Carlsbad, NM. Revenue from the wells has been increasing according to an arithmetic gradient for the past 5 years. The revenue in year 1 from well no. 24 was $390,000 and it increased by $15,000 each year thereafter. Determine
(a) The revenue in year 3, and
(b) The equivalent annual worth of the revenue through year 5. Assume an interest rate of 10% per year.
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a Revenue 390000 21...View the full answer
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