Math 30-1 Textbook Answers

(see more solutions at: https://math30.academix.ca)

To save for a new highway tractor, a truck company deposits $11 500 at the end of every 6 months into an account with an annual percentage rate of 5%, compounded semi-annually. Determine the number of deposits needed so that the account has at least $150 000. Use the formula FV = R[(1 + i )^n - 1]/i , where FV is the future value, n is the number of equal periodic payments of R dollars, and i is the interest rate per compounding period expressed as a decimal.

Used desmos instead of a calculator to detail the calculations:

https://www.desmos.com/calculator/xancpqnxko

Tutor Calgary