Question: Please solve by hand , do not use Excel. The total cost associated with development and approval for a new prescription drug was estimated to

Please solve by hand , do not use Excel.

The total cost associated with development and approval for a new prescription drug was estimated to be $2.6 million in 2013 . Costs are expected to increase 8.5% each year through the year 2020 . Find the uniform series equivalent to the given geometric series over the 8 year period with a 5.0% discount rate. (Assume end of year cash flows.) Click here to access the TVM Factor Table calculator

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