Barbara makes a sequence of 28 semiannual deposits of the form X, 2X, X, 2X, ... into an account paying a rate of 7 percent compounded annually. If the account balance 5 years after the last deposit is $10850, what is X? Assume the exact method of accumulation is in effect. Answer: $

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Barbara makes a sequence of 28 semiannual deposits of the
form X, 2X, X, 2X, ... into an account paying a rate of 7
percent compounded annually. If the account balance 5 years
after the last deposit is $10850, what is X? Assume the exact
method of accumulation is in effect.
Answer: $
Transcribed Image Text:Barbara makes a sequence of 28 semiannual deposits of the form X, 2X, X, 2X, ... into an account paying a rate of 7 percent compounded annually. If the account balance 5 years after the last deposit is $10850, what is X? Assume the exact method of accumulation is in effect. Answer: $
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