Find the Periodic Payment R Required to Accumulate a Sum

question 55

Multiple Choice

Find the periodic payment R required to accumulate a sum of S dollars over t years with interest earned at the rate of r%/year compounded m times a year. Round your answer to the nearest cent. ​
S = 20,000, r = 4, t = 7, m = 4
​

• A) R = $565.14
• B) R = $622.49
• C) R = $659.97
• D) R = $598.96

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Definitions:

Gene Expression

The process by which information from a gene is used to synthesize functional gene products, often proteins, which can affect the cell's structure and function.

Eukaryotes

Organisms whose cells contain a nucleus and other organelles enclosed within membranes.

Translational Control

The regulation of protein synthesis in a cell by controlling the translation of mRNA into proteins.

Cytoplasm

The material within a living cell, excluding the nucleus, containing organelles, and involved in cell metabolism and growth.