jear and continuing forever, and also (7X $) every five years continuing forever. Determine ti O a. $2,676.4 b. $2,906.4

Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Assume you invest 100,000$ in a bank at an interest rate of 6% per year. You would like to receive (X $) every
year and continuing forever, and also (7X $) every five years continuing forever. Determine the value of X.
a. $2,676.4
O b. $2,906.4
Oc $3,179.7
O d. $3,509.6
Transcribed Image Text:Assume you invest 100,000$ in a bank at an interest rate of 6% per year. You would like to receive (X $) every year and continuing forever, and also (7X $) every five years continuing forever. Determine the value of X. a. $2,676.4 O b. $2,906.4 Oc $3,179.7 O d. $3,509.6
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