You invest X now, the bank will give you 13000 at the time 7 years, 12000 at time 8 years, 110000 at time 9 years, and so on, with the last payment being at time 14 years, using an annual effective rate of interest of $8\%$, determine X.
Ans: $X=500a_{\bar{8}}+1000(Da)_{\bar{8}}$
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