You borrow $5000 now and agree to pay this whole amount back in three payments: OW

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
icon
Related questions
Question
You borrow $5000 now and agree to pay this whole amount back in three payments:
Payment 1. SX in 3 months.
Payment 2. $2X in 7 months.
Payment 3. $2X in 12 months.
a) Determine X, if (yearly) interest is at 11.0% compounded monthly.
b) Determine X, if (yearly) interest is at 11.0% compounded continuously.
ANSWER IN FRACTION FORM
PLEASE
Transcribed Image Text:You borrow $5000 now and agree to pay this whole amount back in three payments: Payment 1. SX in 3 months. Payment 2. $2X in 7 months. Payment 3. $2X in 12 months. a) Determine X, if (yearly) interest is at 11.0% compounded monthly. b) Determine X, if (yearly) interest is at 11.0% compounded continuously. ANSWER IN FRACTION FORM PLEASE
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL