Answer
$1,367,774
Work Step by Step
We are given
$R=50.000$
$i=\frac{0.08}{4}=0.02$
$n=10\times4=40$
the formula is
$P=R[\frac{1-(1+i)^{-n}}{i}]$
so $\rightarrow P=50.000[\frac{1-(1+0.02)^{-40}}{0.02}] \approx \$ 1,367,774$
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: 19
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