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: 17



Work Step by Step

We are given $P=1400, i=\frac{0.06}{2}=0.03, n=8\times2=16$ the formula is $P=R[\frac{1-(1+i)^{-n}}{i}]$ so $\rightarrow P=1400[\frac{1-(1+0.03)^{-16}}{0.03}] \approx \$ 17585.54$
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.