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Mathematics, 09.11.2019 05:31, teagan56
Svetlana won $1,000,000 in a contest, to be paid in twenty $50,000 payments at yearly intervals, the rst payment paid at the time of the contest. (of course, the present value of her winningis less than $1,000,000.) svetlana decided to keep x each year to spend and deposit theremaining $50,000-x into an account earning an annual eective interest rate of 5%. shechose the value x to be as large as possible so that, at the moment of the 20th deposit, theaccount would have grown to such a size that it would provide svetlana and her heirs at leastx per year in interest forever. find x.
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Svetlana won $1,000,000 in a contest, to be paid in twenty $50,000 payments at yearly intervals, the...
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