Answer:
$2647.18
Step-by-step explanation:
Data provided in the question:
Rate = 9% compounded quarterly
interest rate per period, i = 9% ÷ 4 = 2.25% = 0.0225
Future value = $43,000
Time = 3.5 years
Number of periods, = 3.5 × 4 = 14
Now,
Let the annual payments be 'A'
Thus,
Future value = A × [ (1 + i)ⁿ - 1 ) ÷ i ]
or
$43,000 = A × [ (1 + 0.0225)¹⁴ - 1 ) ÷ 0.0225 ]
or
$43,000 = A × 16.244
or
A = $2647.18
Answer: 8 is the anwser
Step-by-step explanation:
Answer:
Exact form: 157/20
Decimal Form: 7.85
Mixed Number Form: 7/17/20
Step-by-step explanation:
A standard algorithm is a step-by-step way to solve a problem.
