Calculus with Applications (10th Edition)

Published by Pearson
ISBN 10: 0321749006
ISBN 13: 978-0-32174-900-0

Chapter 12 - Sequences and Series - 12.2 Annuities: An Application of Sequences - 12.2 Exercises - Page 622: 13



Work Step by Step

We are given $S=50.000, i=\frac{0.12}{4}=0.03, n=8\times4=32$ $S=R[\frac{(1+i)^{n}-1}{i}]$ so $\rightarrow R=\frac{50.000}{[\frac{(1+0.03)^{32}-1}{0.03}]} \approx \$952.3$
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