Mathematics, 18.12.2019 04:31 isabelle1670
Patricia and joe payne are divorced. the divorce settlement stipulated that joe pay $485 a month for their daughter suzanne until she turns 18 in 4 years. interest is 6% a year. how much must joe set aside today to meet the settlement?
Answers: 2
![\bf \qquad \qquad \textit{Future Value of an ordinary annuity} \\\\ A=pymnt\left[ \cfrac{\left( 1+\frac{r}{n} \right)^{nt}-1}{\frac{r}{n}} \right]](/tpl/images/0423/7037/907a5.png)
![\bf A=5280\left[ \cfrac{\left( 1+\frac{0.06}{1} \right)^{1\cdot 4}-1}{\frac{0.06}{1}} \right]](/tpl/images/0423/7037/a294a.png)
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Patricia and joe payne are divorced. the divorce settlement stipulated that joe pay $485 a month for...
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