Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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you would like to save for a car. you would like to have $20,000 saved in 4 years. you decide to make payments at the end of each month into an account earning 5.9% interest per year compoundied monthly for the next 4 years in order to accumulate the desired amount. what size payments should be made? how much toral interest did they earn on the investment over 4 years?
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Step 1
The formula for annuity is given by .
Here,
A is the final amount received at the end.
p is the payment to be deposited each month.
r is the annual rate of interest.
k is the number of compounding periods in an year.
n is the total number of years.
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