Answer
$120.67
Work Step by Step
We are given $S=8000, i=\frac{0.04}{12}, n=12\times5=60$
$S=R[\frac{(1+i)^{n}-1}{i}]$
so $\rightarrow R=\frac{8.000}{[\frac{(1+\frac{0.04}{12})^{60}-1}{\frac{0.04}{12}}]} \approx \$120.67$
Calculus with Applications (10th Edition)
by Lial, Margaret L.; Greenwell, Raymond N.; Ritchey, Nathan P.
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: 14
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