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Algebra and Trigonometry (MindTap ...

4th Edition
James Stewart + 2 others
ISBN: 9781305071742

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Section
BuyFindarrow_forward

Algebra and Trigonometry (MindTap ...

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

APPLICATIONS

Annuity Find the amount of an annuity that consists of 40 annual payments of $ 2000 each into an account that pays interest of 5 % per year.

To determine

To find:

The amount of an annuity consisting of 40 annual payments of $2000 each into an account that pays 5% interest per year.

Explanation

Given:

The interest per year is,

i=5%

Number of annual payments is,

n=40

The payment R is,

R=$2000

Approach:

The amount Af of an annuity consisting of n regular equal payments of size R with interest rate i per time period is given by,

Af=R(1+i)n1i(1)

Calculation:

The interest per year can be written as,

i=5100=0

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Chapter 13 Solutions

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