rammy has saved $26 for a new bicycle helmet that costs $47. let n represent the money he still needs to save. write an addition
2 answers:
You might be interested in
We can calculate it by PVOA table.
PVOA means present value of an ordinary annuity.
PMT = $350
PMT means recurring payment.
time = 5 years and interest rate is 4%
So n = 5 and i = 4%
So we can calculate PVOA as
PVOA = PMT times (PVOA factor for n = 5 and i = 4%)
(PVOA factor PVOA table)
So present value is $1558.2
PVOA means present value of an ordinary annuity.
PMT = $350
PMT means recurring payment.
time = 5 years and interest rate is 4%
So n = 5 and i = 4%
So we can calculate PVOA as
PVOA = PMT times (PVOA factor for n = 5 and i = 4%)
So present value is $1558.2