# Chapter 12 - Sequences and Series - 12.2 Annuities: An Application of Sequences - 12.2 Exercises - Page 622: 24

$85594.8 #### Work Step by Step We are given$R=10000, i=0.08, n=15$the formula is$P=R[\frac{1-(1+i)^{-n}}{i}]$so$\rightarrow P=10000[\frac{1-(1+0.08)^{-15}}{0.08}] \approx \$85594.8$

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.