Pierce Publishing sells encyclopedias under two payment plans: 

cash or installment.

Under the installment plan, the customer pays $23/month over 2 yr with interest charged on the balance at a rate of 15%/year compounded monthly. Find the cash price for a set of encyclopedias if it is equivalent to the price paid by a customer using the installment plan. Please round the answer to the nearest cent.

Answer rating: 100% (QA)

First we need to calculate the monthly ... View the full answer