What is the solution for the following system of equations?5x + 7y = 32x + 3y = 1
1 answer:
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Answer:
Present value = $4,122.4
Accumulated amount = $4,742
Step-by-step explanation:
Data provided in the question:
Amount at the Start of money flow = $1,000
Increase in amount is exponentially at the rate of 5% per year
Time = 4 years
Interest rate = 3.5% compounded continuously
Now,
Accumulated Value of the money flow =
The present value of the money flow =
=
=
=
= 1000 × [70.7891 - 66.6667]
= $4,122.4
Accumulated interest =
=
= $4,742