Engineering Economy 7th Edition by Leland Blank ,Anthony Tarquin

Exercise 51

Precision Instruments, Inc. manufactures high-sensitivity mini accelerometers designed for modal analysis testing. The company borrowed $10,000,000 with the understanding that it would $2,000,000 payment at the end of year 1 and then make equal annual payments in years 2 through 5 to pay off the loan. If the interest rate on the loan was 9% per year, how much was each payment in years 2 through 5