Homework Answers
time = 8 semi-annual period
Semi-annual interest rate = 12%/2 = 6%
Uniform annuity = $500
Arithmetic gradient = $50
Then,
Present worth of the repair bills = 500*(P/A, 6%, 8) + 50*(P/G, 6%, 8)
Present worth of the repair bills = 500*6.20979 + 50*19.842
Present worth of the repair bills = $4097
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