The second step in the problem solving process is to clarify the issues of a problem.
Answer: The second step.
Answer:
$25,650
Explanation:
The formula for calculating the future value of an annuity is:
F = P x ([1 + I]^N - 1 ) / I
where:
- P = payment amount = $1,000
- I = interest rate = 4%
- N = number of payments = 18
F = $1,000 x ([1 + 4%]^18 - 1 ) / 4% = $1,000 x (1.04^18 - 1 ) / 4% = $1,000 x (2.026 - 1 ) / 4% = $1,000 x 1.026 / 4% = $25,650
Answer: Norman has a good title to the car
Explanation:
Norman is the original owner of the car, the car was stolen from him, every other person only has a stolen car.
