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: 23



Work Step by Step

We are given $R=10000, i=0.06, n=15$ the formula is $P=R[\frac{1-(1+i)^{-n}}{i}]$ so $\rightarrow P=10000[\frac{1-(1+0.06)^{-15}}{0.06}] \approx \$ 97122.5$
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