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majarm majarm
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6 years ago
A fund to provide an annual scholarship of $5700.00 is to be set up. If the first payment is due in three years and interest is 6.4% compounded quarterly, what sum of money must be deposited in the scholarship fund today?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
p =   - 1 = 0.06555245
  =   = $86 953.27
 = 86953.27(1.06555245)-2
   = 86953.27(.880745304) = $76 583.68
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