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Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 9 years. He estimates the roof will cost him $10,100 at that time. What amount should Jim invest today at 8% compounded quarterly to be able to pay for the roof?

Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 9 years. He estimates the roof will cost him $10,100 at that time. What amount should Jim invest today at 8% compounded quarterly to be able to pay for the roof?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Jim Ryan, an owner of a Burger King restaurant, assumes that his restaurant will need a new roof in 9 years. He estimates the roof will cost him $10,100 at that time.

What amount should Jim invest today at 8% compounded quarterly to be able to pay for the roof?

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