Calculus Concepts: An Informal Approach to the Mathematics of Change 5th Edition

Published by Brooks Cole
ISBN 10: 1-43904-957-2
ISBN 13: 978-1-43904-957-0

Chapter 1 - Ingredients of Change: Functions and Limits - 1.6 Activities - Page 64: 11

Answer

You would have had to invest $50,608.60

Work Step by Step

APR = 4% compounded monthly A = P(1+$\frac{r}{n})^{nt}$ 250,000 = P(1+$\frac{4}{1200})^{40x12}$ P = 50,608.60
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