Answer:

Step-by-step explanation:
Given
--- time (years)
--- amount
--- rate of interest
Required
The last 10 payments (x)
First, calculate the end of year 1 payment


Amount at end of year 1




Rewrite as:
Next, calculate the end of year 1 payment


Amount at end of year 2



Rewrite as:

We have been able to create a pattern:


So, the payment till the end of the 10th year is:


To calculate X (the last 10 payments), we make use of the following geometric series:




The amount to be paid is:
--- i.e. amount at the end of the 10th year * rate of 10 years

So, we have:





The geometric sum can be rewritten using the following formula:


In this case:



So, we have:




So, the equation becomes:

Solve for x


Approximate
