Present value of geometric series when I is equal to g is = C * N / (1+i)
P = 404918 * 8 / (1+0.06) = 3055984.91
Future worth = 3055984.91 * (1+0.06)^8 = 3055984.91 * 1.06^8 = 4870775.66 = 4870776 (Nearest Dollar)
You developed a new product that had a profit of $404,918 at the end of the...
Question 7 0.2 pts This is an extra credit review problem. It is not required. Assume you have $3,714 to invest today in an account paying 3% compounded annually. How many years will it take before you have $14,611 in your account? Enter your answer as: 12 Round your answer. Do not use a decimal point or any units. Question 8 0.25 pts This is an extra credit review problem. It is not required. You developed a new product that...
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