Contemporary Engineering Economics 6th Edition by Chan Park

Exercise 64

Find the equivalent present worth of the cash receipts where i = 8%. In other words, how much do you have to deposit now (with the second deposit in the amount of $200 at the end of the first year) so that you will be able to withdraw $200 at the end of second year, $120 at the end of third year, and so forth if the bank pays you an 8% annual interest on your balance
Figure P3.51