(3 points) Jeremy is buying a new sailing boat. He can afford $1100 monthly payments. If the store charges 5.55% interest rate, compounded monthly, and Jeremy wants to pay off his loan in 8 years, what is the most expensive boat he can buy?
Express your answer rounded to the nearest cent!
Boat price = $
If you haven't answered the question correctly in 3 attempts, you can get a hint.
Hint:

Suppose we have a set of small wooden blocks showing the 26 letters of the english alphabet, one letter per block. (think of scrabble tiles.) our set includes 10 copies of each letter. we place them into a bag and draw out one block at a time. (a) if we line up the letters on a rack as we draw them, how different ways coukl we fill a rack of 5 letters? (b) now suppose we just toss our chosen blocks into a pile, and whenever we draw a letter we already have, we put it back in the bag and draw again. how many different piles of 5 blocks could result? possible? piles will contain at least one repeated letter? (c) if we draw out 5 blocks wit hout looking at them, how many different piles are (d) if we draw out 5 blocks without looking at them, how many of the possible 2. (4) consider the following formula. 12 give two different proofs, one using the factorial formulas and the other combina torial.