I HAVE ONE MORE CHANCE please please make sure your right, I was VERY sure I was right but I can't figure it out. Please double check yourself and the rounding... Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to thenearest cent.)S = 45,000, r = 5, t = 6, m = 12%3DNeed Help?Read ItSubmit Answer%24

Compound interest: S=45000 r=5% t=6 m=12 r=5/100=.05 S=R{[1+rm]tm-1}rm

Answered: = 6, m = 12 %3D

Calculus: Early Transcendentals

8th Edition

ISBN:9781285741550

Author:James Stewart

Publisher:James Stewart

Chapter1: Functions And Models

Section: Chapter Questions

Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...

See similar textbooks

Related questions

Concept explainers

Question

I HAVE ONE MORE CHANCE please please make sure your right, I was VERY sure I was right but I can't figure it out. Please double check yourself and the rounding...

Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. (Round your answer to the
nearest cent.)
S = 45,000, r = 5, t = 6, m = 12
%3D
Need Help?
Read It
Submit Answer
%24

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.

Similar questions