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Raising Maine magazine's August 5,2009, Home GREEN Home" article about going green discusses ways to improve a home's energy efficiency while keeping conservation in mind. From an efficient floor plan, to a house plan maximizing sunlight, triple-pane glass windows, radiant floor heating, and the use of recycled materials, the goal is to reduce the amount of fossil fuels consumed. Jim and Sonja Tanner were inspired by the article and are beginning the planning process for updating their home to reduce its environmental footprint. They received an initial quote of $23,500. What payment must they make at the end of each quarter at 8 % compounded quarterly for five years to reach their goal of $23,500?

  • Math -

    solve for P , the payment

    P(1.02^20 - 1)/.02 = 23500

    (I got P =967.18 )

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