Concept explainers
In Exercises 11 and 12, answer the questions.
Decreasing Annuity The difference equation for the weekly balance in a decreasing annuity with interest compounded weekly and money withdrawn at the end of each week is
And the solution of the difference equation is
a. What are the amount initially deposited into the annuity, the annual rate of interest, and the weekly amount withdrawn from the annuity?
b. Will the annuity be depleted after 128 weeks or 138 weeks?
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FINITE MATHEMATICS -MYLABMATH(18WK)
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:Cengage