College Algebra 7th Edition

Published by Brooks Cole
ISBN 10: 1305115546
ISBN 13: 978-1-30511-554-5

Chapter 8, Sequences and Series - Section 8.4 - Mathematics of Finance - 8.4 Exercises - Page 622: 12


$\$ 8132.65$

Work Step by Step

We are given: $R=300, i= \frac{0.08}{12}, n=30$ The present value of an annuity is given by: $A_{p}=R \frac{1-(1+i)^{-n}}{i}$ $A_{p}=300\frac{1-(1+\frac{0.08}{12})^{-30}}{\frac{0.08}{12}}=\$ 8132.65$
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