Chevron-Texaco expects receipts fro

Chevron-Texaco expects receipts from a group of stripper wells (wells that produce less than 10 barrels per day) to decline according to an arithmeticgradient of $50,000 per year. This year’s receipts are expected to be$280,000 (i.e., end of year 1), and the company expects the useful life of the wells to be 5 years.
(a) What is the amount of the cash flow in year 3, and
(b) what is the equivalent uniform annual worth in year 1through 5 of the income form the wells at an interest rate of 12% per year