Renewing a Lease

The annual rent of an estate is 500 pounds; if it is let on a lease of 20 years, calculate the fine to be paid to renew the lease when 7 years have elapsed allowing interest at 6 per cent., having given $\log 106=2.0253059$, $\log 4.68385=0.670233$, $\log 3.118042=0.4938820$.

H. S. Hall & S. R. Knight, Higher Algebra (1891) · Ch. XVIII. Interest and Annuities, Examples XVIII.b, No. 13