What is the explicit formula for this sequence?
2 answers:
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Answer:
You can use the simple interest formula
We need P, which is the primary (or principal) investment, and we know that:
rate = 3% (0.03)
time = 7
i = $25000
So, just plug in and solve:
The company needs to invest $5250 today, to make $25000 in 7 years.
We need P, which is the primary (or principal) investment, and we know that:
rate = 3% (0.03)
time = 7
i = $25000
So, just plug in and solve:
The company needs to invest $5250 today, to make $25000 in 7 years.