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: 20



Work Step by Step

We are given $R=9800$ $ i=\frac{0.04}{4}=0.01$ $ n=15\times4=60$ the formula is $P=R[\frac{1-(1+i)^{-n}}{i}]$ so $\rightarrow P=9800[\frac{1-(1+0.01)^{-60}}{0.01}] \approx \$ 440,559$
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.