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A geometrically increasing series of 15 ends of year payments is deposited to fund an account. The first payment is $75,000 the geometric factor is 5%. The account will produce 30 consecutive annual payments of $100,000 starting at the end of year 16. Calculate the interest necessary to fund this account.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91228526

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