The annual force of interest credited to a savings account is given by δt=t/(10+t2).Find the present...

The annual force of interest credited to a savings account is given by δ_t=t/(10+t²).Find the present value of $7,000 at time 3.

Expert Solution

=Future Value*e^(-integration of force of interest from t=0 to t)
=7000*e^(-1/2*ln(10+t^2))
=7000*e^(-1/2*ln(10+3^2)+1/2*ln(10+0^2))
=5078.3337508

jeff jeffy answered 2 years ago

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