Question: 02.06-PR004 Solve problem 02.05-PR027 for the case in which each successive payment is to be 20% less than the previous payment. 7 Land is purchased

02.06-PR004 Solve problem 02.05-PR027 for the case in which each successive payment is to be 20% less than the previous payment.

7 Land is purchased for $75,000. It is agreed for the land to be paid for over a 5-year period with annual payments and using a 12% annual compound interest rate. Each payment is to be $3,000 more than the previous payment. Determine the size of the last payment.

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