Society of honorable engineers-what is rate of return

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Reference no: EM131270033

Engineering Economic Analysis 12th edition, problem 7-23) (This book is messed up. Some of the answers on this website do not match up to the questions in the book)

You have just been elected into the "Society of Honorable Engineers." First-year dues are waived in honor of your election. Thus, your first payment of $200 is due at the end of the year, and annual dues re expected to increase 3% annually. After 40 years of paying dues you become a life member and pay no more dues. Instead of paying annual dues, however, you can pay a one-time $2000 life membership fee.

a) Show the equation for determining the rate of return for buying a lifetime membership.

b) What is the rate of return?

Reference no: EM131270033

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