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| rev | Admin | (Created page with "'''Solution: D''' The accumulated value of the first year of payments is <math display = "block">2000 s_{\overline{12}|0.005} = 24, 671.12</math>. This amount increases at 2% per year. The effective annual interest rate is 1.005<sup>12</sup> -1 = 0.061678. The present value is then <math display = "block"> \begin{align*} P=24,671.12\sum_{k=1}^{2s}1.02^{k-1}(1.061678)^{-k}=24,671.12\frac{1}{1.02}\sum_{k=1}^{2s}\Biggl(\frac{1.02}{1.061678} \Biggr)^{k} \\ =24,187.37{\frac...") | Nov 20'23 at 12:05 | +613 |