Answer
$135917.3
Work Step by Step
PMT=1000
n=15(12)=180
i=\frac{005}{12}
FV=20000
PV=$1000\frac{1-(1+\frac{0.05}{12})^{-15(12)}}{\frac{0.05}{12}}+20000(1+\frac{0.05}{12})^{-15(12)}$=$135917.3
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: 18
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