Decreasing Annuities The second account earned interest for two months, so if the initial balance was P₂, it must have satisfied P(1.005) 1000 Therefore P, 1000(1.005)- The starting balance of the account that was withdrawn in the nh month must have been P. 1000(1.005) Therefore the total amount of money that must have been saved at the very beginning was P₁+P₂+ +P120 -1000(1.005)-¹ +1000(1.005)-2. +1000(1.005) Redo the problem from the video for a period of 15 years instead of 10.. What should the starting balance of the acount be? Round your answer to 2 decimal places Balance 259653.6 x dollars
Decreasing Annuities The second account earned interest for two months, so if the initial balance was P₂, it must have satisfied P(1.005) 1000 Therefore P, 1000(1.005)- The starting balance of the account that was withdrawn in the nh month must have been P. 1000(1.005) Therefore the total amount of money that must have been saved at the very beginning was P₁+P₂+ +P120 -1000(1.005)-¹ +1000(1.005)-2. +1000(1.005) Redo the problem from the video for a period of 15 years instead of 10.. What should the starting balance of the acount be? Round your answer to 2 decimal places Balance 259653.6 x dollars
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...
Related questions
Question
Transcribed Image Text:Decreasing Annuities
The second account earned interest for two months, so if the
initial balance was P₂, it must have satisfied
P(1.005)³= 1000
Therefore, P1000(1.005)-
The starting balance of the account that was withdrawn in the
nth month must have been P. 1000(1.005).
Therefore the total amount of money that must have been
saved at the very beginning was,
P₁+P++P130
=1000(1.005)-¹ +1000(1.005)++1000(1.005)-120
Redo the problem from the video for a period of 15 years instead of 10.. What should the starting balance
of the acount be? Round your answer to 2 decimal places
Balance
259653.6 x dollars
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning