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1. Holger needed to have 9000 at the end of 3n years. For this to be possible, he made deposits of 94 into an account at the end of each of the first n years and 188 at the end of each year for the next 2n years. If (1 + i)^n= 2, calculate the annual effective rate of interest i.

1. Holger needed to have 9000 at the end of 3n years. For this to be possible, he made deposits of 94 into an account at the end of each of the first n years and 188 at the end of each year for the next 2n years. If (1 + i)^n= 2, calculate the annual effective rate of interest i.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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1. Holger needed to have 9000 at the end of 3n years. For this to be possible, he made deposits of 94 into an account at the end of each of the first n years and 188 at the end of each year for the next 2n years. If (1 + i)^n= 2, calculate the annual effective rate of interest i.
Transcribed Image Text:1. Holger needed to have 9000 at the end of 3n years. For this to be possible, he made deposits of 94 into an account at the end of each of the first n years and 188 at the end of each year for the next 2n years. If (1 + i)^n= 2, calculate the annual effective rate of interest i.
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