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Andrei [34K]
3 years ago
6

A certain politician has a brilliant idea. he will increase his popularity and assure reelection by giving away cash to everybod

y in the country. he will give $1 to a certain u.s. citizen, $2 to another, $3 to another, and so on until he has given away $297,624,985 to the 297,624,985th and last citizen of the united states.
Business
1 answer:
polet [3.4K]3 years ago
7 0
<span>Put all of these numbers in a line...obviously, don't put ALL of them, but enough so you can see what you're doing. 1 + 2 + 3 + ... + 297,624,985 Now put all these numbers BACKWARDS underneath that. 1 + 2 + 3 + ... + 297,624,985 297,624,985 + 297,624,984 + 297,624,983 + ... + 1 Now add the first series to the second, and you'll see that they add up to: 297,624,986 + 297,624,986 + 297,624,986 + ...297,624,986 Since there were 297,624,985 terms, the total sum here is 297,624,986 * 297,624,985 But since you added it twice, you divide it by two: 148,812,493 * 297,624,985 This is 44,290,315,996,937,605, so...yes, it is MUCH larger.</span>
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4 years ago
Suppose someone borrows $552,000 today to buy a house in Davis, CA. If the annual interest rate is 4%, with monthly compounding,
galina1969 [7]

Answer:

Monthly Repayment on Loan  = $2634.06

Explanation:

given data

principal =  $552,000

annual interest rate = 4% = 0.333% monthly

solution

for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months

so now we apply here Monthly Repayment on Loan formula that is

Monthly Repayment on Loan  = principal ×  \frac{r(1+r)^t}{(1+r)^t -1}    .................1

put here value and we get

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