A gradient payment series is received monthly for 20 years, Ask an Expert

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A gradient payment series is received monthly for 20 years and deposited into an account. The first payment is $2,000 and the gradient factor is $100 per month. What is the balance in the account after the initial 20 years? AFTER the first 20 years, the gradient factor is then doubled for an additional 10 years. At an interest rate of 6% compounded monthly (throughout the 30 years). What is the balance in the account after the last payment is deposited at the end of the 30th year?

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Financial Management, Finance

Category:- Financial Management
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