Answer
$95647.68
Work Step by Step
PMT=500
n=20(12)=240
i=$\frac{0.03}{12}$
FV=20000
PV=$500\frac{1-(1+\frac{0.03}{12})^{-20(12)}}{\frac{0.03}{12}}+10000(1+\frac{003}{12})^{-20(12)}$=$95647.68
Finite Math and Applied Calculus (6th Edition)
by Waner, Stefan; Costenoble, Steven
Published by
Brooks Cole
ISBN 10:
1133607705
ISBN 13:
978-1-13360-770-0
Chapter 2 - Section 2.3 - Annuities, Loans, and Bonds - Exercises - Page 156: 17
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