Use the formula for present value of money to calculate the amount you need to invest now in one lump sum in order to have $1,000,000 after 40 years with an APR of 12% compounded quarterly. Round your answer to the nearest cent, if necessary.

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step-by-step explanation:

answer: 204

step-by-step explanation:

we are told that the revenue is

x⋅(4080−10x)=−10x^2+4080x

this is a quadratic function, so to maximize it we should find the x-value of its vertex. recall that the x-value of the vertex of the parabola ax^2+bx+c is given by the formula −b/2a.

so in this case, we have a=−10 and b=4080, so the x-value of the vertex is

−b/2a= −(4080)/2(−10)=204

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