Explanation Given information: The present value of an annuity that makes payments of $6000 per year for 10 years is less than $60,000, assuming an annual interest rate of 3%. Calculation: Deposit, P = 6000 Time, t = 10 years Annual interest rate, r = 3% = 0.03 So, Present value = P [ 1 +

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ISBN: 9781119275565

Author: Hughes-Hallett

Publisher: WILEY

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Chapter 10 Solutions

APPLIED CALCULUS-PRINT COMPANION (LL)

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Solution Summary: The author explains that the present value of an annuity that makes payments of 6000 per year for 10 years is less than 60,000, assuming an annual interest rate of 3%.

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