9 years
<span>Years Value </span>
<span>1 34000 </span>
<span>2 28900 </span>
<span>3 24565 </span>
<span>4 20880.25 </span>
<span>5 17748.2125 </span>
<span>6 15085.980625 </span>
<span>7 12823.08353125 </span>
<span>8 10899.6210015625 </span>
<span>9 9264.6778513281 </span>
<span>10 7874.9761736289
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Answer:
7 9/14
Step-by-step explanation:
1/2=7/14
1/7=2/14
7/14+2/14=9/14
5+2=7
The present value of the investment is $6000.
According to the statement
Principal amount = $500
and Return amount = 10.5%
Time period = 20 years.
Now we find the present value of money then
By the formula
PV = P[1-(1+r)^n]/r
PV = 500[1-(1+0.10)^20]/0.10
PV = 6000
So, The present value of the investment is $6000.
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Answer:
assume an approximate value for the variable that will simplify the equation.
solve for the variable.
use the answer as the second approximate value and solve the equation again.
repeat this process until a constant value for the variable is obtained.