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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 157
Solve this application problems. Round to the nearest cent.
COLLEGE EXPENSES In addition to his scholarship, Benjamin Wink needs $8000 every 6 months for living expenses and tuition at his university. As an engineering major, it will take 5 years to complete his degree. Assume funds earn 5% per year and find ( a ) the lump sum that must be deposited to meet this need ____________and ( b ) the interest earned. ____________
COLLEGE EXPENSES In addition to his scholarship, Benjamin Wink needs $8000 every 6 months for living expenses and tuition at his university. As an engineering major, it will take 5 years to complete his degree. Assume funds earn 5% per year and find ( a ) the lump sum that must be deposited to meet this need ____________and ( b ) the interest earned. ____________
Explanation
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The following table is given, 
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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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