You have a box with a square bottom and top. you are to construct this box so it has a volume of 600 cubic inches. find the dime
1 answer:
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Answer:
Amount he must have in his account today is $5,617.92
Step-by-step explanation:
Data provided in the question:
Regular withdraw amount = $900
Average annual interest rate, i = 4% = 0.04
Time, n = 7 years
Now,
Present Value =
here,
C = Regular withdraw amount
Thus,
Present Value =
Present Value =
Present Value =
Present Value =
Present Value = 936 × 6.00205
or
Present Value = $5,617.92
Hence,
Amount he must have in his account today is $5,617.92