Answer
$440,559
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 $\rightarrow P=9800[\frac{1-(1+0.01)^{-60}}{0.01}] \approx \$ 440,559$
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: 20
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