## Calculus with Applications (10th Edition)

Published by Pearson

# Chapter 12 - Sequences and Series - 12.2 Annuities: An Application of Sequences - 12.2 Exercises - Page 622: 29

$1673.2 #### Work Step by Step We are given$P=55000, i=\frac{0.06}{12}=0.005, n=36$the formula is$P=R[\frac{1-(1+i)^{-n}}{i}]$so$\rightarrow R=\frac{P}{[\frac{1-(1+i)^{-n}}{i}]}=\frac{55000}{[\frac{1-(1+0.005)^{-36}}{0.005}]}\approx \$1673.2$

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