Concept explainers
To find: the balance in the annuity after 7 years?
Answer to Problem 16PPE
The balance in the annuity after 7 years is $16661.35
Explanation of Solution
Given information: a continuous annuity with interest rate 4.8% compounded for 7 years with an initial deposit of P=$12000
Concept used:
A= the balance
P= the principal (the initial deposit)
r= the rate (expressed in percentage)
t= times in years
Calculation:
We have
So the balance will be $16661.35
Chapter 7 Solutions
High School Math 2015 Common Core Algebra 1 Student Edition Grade 8/9
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