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$7,500 = C/1.15 + C/1.15^2 Solving this yields that C = $4,613.37 each year.

Where are they getting the $4,613.37 from? This does not make sense to me because if you plug in $4,613.37 and solve the equation it does not yield $7,500. Is this just a typo in my book?

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philosophizingphilosoraptor

Orangutan

CF

11y

No, this seems to be correct.

Solving, 7500 = C(1/1.15+1/1.15^2) -> C = 7500/(1/1.15 + 1/1.15^2) -> C = 7500/1.6257 -> 4613.37.

And indeed, if you plug that back into the equation, 4613.37/1.15 + 4613.37/1.15^2 = 7500.

All good!

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To the starving man, beans are caviar

mmo2player

Chimp

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11y

what 'sthat ?

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McEnroe

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