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| rev | Admin | (Created page with "'''Solution: A''' The monthly interest rate is 0.072/12 = 0.006. 6500 five years from today has value 6500(1.006)<sup>-60</sup> = 4359.77. The equation of value is <math display = "block"> 4539.77=1700(1.006)^{-n}+3400(1.006)^{-2n}. </math> Let <math>x = 1.006^{-n}</math>. Then, solve the quadratic equation <math display = "block"> \begin{align*} 3400x^{2}+1700x-4539.77=0 \\ x={\frac{-1700+{\sqrt{1700^{2}-4(34000)(-4539.77)}}}{2(3400)}}=0.93225. \end{align*} </mat...") | Nov 17'23 at 22:44 | +738 |