Find the present value of a $45, 000 annual income stream if it is invested immediately as it is received into an account paying 9% interest compounded continuously for 10 years. Round your answer to the nearest cent.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
icon
Related questions
Question
Find the present value of a $45, 000 annual income stream if it is invested immediately as it is received into an
account paying 9% interest compounded continuously for 10 years. Round your answer to the nearest cent.
CA
Transcribed Image Text:Find the present value of a $45, 000 annual income stream if it is invested immediately as it is received into an account paying 9% interest compounded continuously for 10 years. Round your answer to the nearest cent. CA
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage