Answer
$995.56
Work Step by Step
$1000(\frac{0.04375}{2})\frac{1-(1+\frac{0.04375}{2})^{-2(5)}}{\frac{0.04375}{2}}+1000(1+\frac{0.04375}{2})^{-2(5)}=995.56$
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: 32
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