Finite Math and Applied Calculus (6th Edition)

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: 27

Answer

$1984.65

Work Step by Step

PV=100000 i=$\frac{0.05}{4}$ n=20(4) PMT=$100000\frac{\frac{0.05}{4}}{1-(1+\frac{0.05}{4})^{-20(4)}}$=$1984.65
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