Calculus with Applications (10th Edition)

Published by Pearson
ISBN 10: 0321749006
ISBN 13: 978-0-32174-900-0

Chapter 2 - Nonlinear Functions - Chapter Review - Review Exercises - Page 114: 104


He must deposit $20891.12 to open a camera shop

Work Step by Step

To find the present value for an interest rate $r=0.06$ compounded $m=12$ times for $t=3$ years $A=P(1+\frac{r}{m})^{tm}$ $25000=P(1+\frac{0.06}{12})^{3(12)}$ $P \approx 20891.12$
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