Precision Instruments, Inc. manufactures highsensitivity
mini accelerometers designed for
modal analysis testing. The company borrowed
$10,000,000 with the understanding that it would
make a $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?