Question: I have a correct answer, but I need to know how to solve it. Please help me how to calculate with out using table please.
I have a correct answer, but I need to know how to solve it. Please help me how to calculate with out using table please. Thank you so much.
Sunland Leasing purchases and then leases small aircraft to interested parties. The company is currently determining the required rental for a small aircraft that cost $1010000. If the lease is for twenty years and annual lease payments are required to be made at the end of each year, what will be the annual rental if Sunland wants to earn a return of 10%?
Correct answer: $118634
Please teach me steps.
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