(adsbygoogle = window.adsbygoogle || []).push({}); Help Geometric Sum Help!!! Plz

Hi here is the question It says a retired hockey star wants to set up a scholarship fund to assist an underpriveleged child who would like to go to a post secondary institution. He wants to ensure that the student will have $6000 per year for 5 years. HOw much should he give to the institution now? to ensure this can happen, if the institution is able to invest the money at 10%/a compounded annually?

I was to set up a line diagram showing the present value of each of the $6000 payments which I did taking all of the present values and putting them in a geometric series I got

6000(1+0.10)^-1+6000(1+0.10)^-2+6000(1+0.10)^-3+6000(0.10)^-4+6000(0.10)^-5

Now I think the common ratio for this geometric series is r=1.1^-1 = 0.9091

and a=6000

using these two I pluged these values into the sn formula sn=[a(r^(n) -1)]/(r-1)

and I got my final sum of the geometric series to be $ 25,019.65 I dont know if this is correct can someone plz help me out plzzzzzzz I want to hand this in today if possible.

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# Homework Help: Quick HELP GEOMETRIC SERIES SUM

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