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Vitek1552 [10]
2 years ago
12

Answer this urgently, please!!!!

Mathematics
1 answer:
Inessa05 [86]2 years ago
4 0

Answer:

exact form: 55/256

decimal form: 0.21484375

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If Ms. P wants to withdraw $900 from an account earning 4% average annual interest rate at the start of each year for 7 years, h
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Answer:

Amount he must have in his account today is  $5,617.92

Step-by-step explanation:

Data provided in the question:

Regular withdraw amount = $900

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Now,

Present Value = C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)

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Present Value = C \times\left[ \frac{1-(1+i)^{-n}}{i} \right] \times(1 + i)

Present Value = 900 \times\left[ \frac{1-(1+0.04)^{-7}}{ 0.04 } \right] \times(1 + 0.04)

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Present Value = 936 × 6.00205

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Hence,

Amount he must have in his account today is  $5,617.92

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