MATH

511g.2014

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If,yNotes I SmithNMl2 11.7.038.

If an apartrnnt corplex will need painting in $ ,*ut= and the job will cost $35,000,

what arrpunt needs to be deposited into an account now in order to have the necessary funds? The account pays tr1olo interest corrpounded ser*annually.

(a) State the type of the problem. O future value O ordinary annuity O annrtization O sinking fund O prcsent value

(b) Answer the guestion, (Round your answer to the nearest cent.)

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