Answer:
The PV of an ordinary annuity with 10 payments of $2,700 if the appropriate interest rate is 5.5% is $20,352.
Step-by-step explanation:
P = PMT [(1 - (1 / (1 + r)
)) / r]
= 2,700 [(1 - (1 / (1 + 0.055)
)) / 0.05]
= 2,700 [(1 - (1 / (1 + 0.055)
)) / 0.05]
= 2,700 [(1 - (1 / (1.708)) / 0.05]
= 2,700 [(1 - 0.58)) / 0.05]
= 2,700 [(0.41457) / 0.05]
= 2,700(7.53)
=$ 20,352
From the facts given, the swimming pool and the floor of the gym has the same in size. The pool has a dimension of 75 ft by 60 ft. Basically, the possible size of the gym floor is also 75 ft by 60 ft.
Since there's 1 hour and 14 minutes until noon, and one hour is 60 minutes, 60 + 14 = 74 minutes until noon.
Pair of shorts costs $12. Shirt costs $48.
Difference between the two is $36.