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A material supplier won a 5 - year contract to supply a construction company with all their building materials needs. The contract is expected to
A material supplier won a year contract to supply a construction company with all their building materials needs. The contract is expected to generate a firstyear profit of $ This annual profit is expected to increase by $ each successive year for the rest of the contract period. The profits will be invested in an account earning an interest rate of per year. a Assuming that the profits are deposited in the account at the end of each year, how much money will be in the account immediately after the last deposit is made? b What is the equivalent uniform annual deposit? a The amount in the account immediately after the last deposit is $ to the nearest dollar b The equivalent uniform annual deposit is $ to the nearest dollar
A material supplier won a year contract to supply a construction company with all their building materials needs. The contract is expected to generate a firstyear profit of $ This annual profit is expected to increase by $ each successive year for the rest of the contract period. The profits will be invested in an account earning an interest rate of per year.
a Assuming that the profits are deposited in the account at the end of each year, how much money will be in the account immediately after the last deposit is made?
b What is the equivalent uniform annual deposit?
a The amount in the account immediately after the last deposit is $ to the nearest dollar
b The equivalent uniform annual deposit is $ to the nearest dollar
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