Question: a) What is the equal -payment series for 10 years that is equivalent to a payment series starting with $1500 at the end of first year and increasing by $150 each year over 10 cars at interest rate of 12% compounded annually?
b) What is the present worth of a payment series that starts with $1500 at the end of first year and increased by 10% for 10 years? Assume 12% interest rate.