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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem
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Checkpoint 5

In 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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