Find the 8th term of the geometric sequence. An=-2.5•4^n-1
1 answer:
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We have been given that Tony wants to save $10000 in 6 years.
That means future value S = $10000
Time t= 6 years
Interest rate = 4% yearly = 0.04 yearly
n=12 months per year
Now we have to find monthly payment to recieve $10000 in 6 years. so we need to apply monthly payment formula which is
which is approx $123.
Hence final answer is C) $123.