4 i think when its not simplified.
oof did u ever find out the answer...
(2,11) would be the points where they intersect
Answer:
$2743.66
Step-by-step explanation:
Data provided in the question:
Interest rate = 5%
Future value = $55,000
Time, t = 4.5 years
Now,
Since the interest is compounded quarterly
therefore,
Number of periods in a year = 4
Interest rate per period = 5% ÷ 4 = 1.25% = 0.0125
Total number of periods in 4.5 years = 4.5 × 4 = 18
also,
PMT = Future value × [ r × (( 1 + r )ⁿ - 1)⁻¹ ]
therefore,
PMT = $55,000 × [ 0.125 × ( ( 1 + 0.0125 )¹⁸ - 1 )⁻¹ ]
or
PMT = $55,000 × 0.0498
or
PMT = $2743.66
