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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742
Textbook Problem

Annuity Find the amount of an annuity that consists of 20 annual payments of $ 5000 each into an account that pays interest of 12 % interest p e r y e a r .

To determine

To find:

The amount of annuity.

Explanation

Given:

Payment size, R=$5000,

Interest rate, i=12%,

Number of payments, n=20

Approach:

The amount Af of an annuity consisting of n regular equal payments of size R with interest rate ipertimeperiod is given by Af=

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Chapter 13 Solutions

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