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ikrabbe ikrabbe
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6 years ago
Planning for their child's college education, David and Carol Roberts opened an account paying 6.36% compounded monthly. If ordinary annuity payments of $700.00 per month are to be paid out of the account for three years starting seven years from now, how much did the Roberts' deposit?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
Balance in account 7 years from now.
PVn = 700.00  = 700.00(32.6954229) = $22 886.80
PV = 22886.80(1.0053)-84 = 22886.80(.6414498) = $14 680.73
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