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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was P₂, it must have satisfied P(1.005) 1000 Therefore P, 1000(1.005)- The starting balance of the account that was withdrawn in the nh month must have been P. 1000(1.005) Therefore the total amount of money that must have been saved at the very beginning was P₁+P₂+ +P120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was P₂, it must have satisfied P(1.005) 1000 Therefore P, 1000(1.005)- The starting balance of the account that was withdrawn in the nh month must have been P. 1000(1.005) Therefore the total amount of money that must have been saved at the very beginning was P₁+P₂+ +P120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

Calculus: Early Transcendentals
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...
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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was P₂, it must have satisfied P(1.005)³= 1000 Therefore, P1000(1.005)- The starting balance of the account that was withdrawn in the nth month must have been P. 1000(1.005).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
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was P₂, it must have satisfied P(1.005)³= 1000 Therefore, P1000(1.005)- The starting balance of the account that was withdrawn in the nth month must have been P. 1000(1.005).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
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