Luis has $550 saved for a car,and he saves an additional $50 per week. Kya has 810 saved for a trip, and she saves an additional
1 answer:
You might be interested in
Answer: $7787.99
Step-by-step explanation:
We know that the formula to find the periodic payment on an annuity is given by :-
, where PV is the present value , r is the rate of interest ( in decimal ) and n is the number of payments.
Given : Present value : $36000
Rate of interest = 8%=0.08
Time period = 6 years
Then , the periodic payment will be :-
Hence, the payment size is $7787.99.