Lynn borrows $10,000 at 10 percent per year compounded annually. She wishes to repay the...
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Accounting
Lynn borrows $10,000 at 10 percent per year compounded annually. She wishes to repay the loan with 5 end-of-year payments. For example, she will make her first payment 1 year after receiving the $10,000. She also wishes that the size of each payment be 10% greater than the previous year. What is the amount of her 3rd payment? How about if the size of each payment is $1000 greater than the previous payment, calculate her 3rd payment again.
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