   Chapter 6.4, Problem 5CP ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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# Checkpoint 5In Example 5, do you have enough money to start a scholarship fund that pays $10,000 annually? Explain why or why not. To determine The scholarship fund is enough or not that pays annually$10,000 and annual interest rate is 8%. The available fund is $120,000. Explanation Given Information: The total fund available is$120,000.

Consider the provided data.

P=$10,000, r=8% The expression for the present value is: Present value=Pr Where P is size of annual payment, r is annual interest rate. Interest rate in fraction form is: r=8%=8100=0.08 Substitute$10,000 for P and 0

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