## College Algebra 7th Edition

Published by Brooks Cole

# Chapter 8, Sequences and Series - Section 8.4 - Mathematics of Finance - 8.4 Exercises - Page 622: 13

$\$ 2601.59$#### Work Step by Step We are given:$R=200, i=\frac{0.09}{2}=0.045, n=20$The present value of an annuity is given by:$A_{p}=R \frac{1-(1+i)^{-n}}{i}A_{p}=200\frac{1-(1+0.045)^{-20}}{0.045}=\$2601.59$

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