Answer:
5. $11,165.14
6. 7 years (rounded)
Step-by-step explanation:
5. Annual is one year
Rate = R(ate)/100 = 5.3%/100 = 0.053 per year.
Original Price = 17082.66 / ( 1 + (0.053 * 10)) = 11165.137
Original Price = $11,165.14 (rounded)
6. Rate = R(ate)/100 = 6%/100 = 0.06 per year,
Time = [1/0.06)((1105.03/779)]- 1) = 6.98
Time = 7 years (rounded)
