13. The company you work for has downsized and you have lost your job. You receive a severance package of $65 000 and decide to invest it for retirement, earning an average of 7% per year. It has been suggested that you should be able to retire comfortably with $500 000 in savings. If your investment can be modelled with the equation y = 65000(1.07)* how many years will pass before you reach $500 000?
13. The company you work for has downsized and you have lost your job. You receive a severance package of $65 000 and decide to invest it for retirement, earning an average of 7% per year. It has been suggested that you should be able to retire comfortably with $500 000 in savings. If your investment can be modelled with the equation y = 65000(1.07)* how many years will pass before you reach $500 000?
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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Transcribed Image Text:13. The company you work for has downsized and you have lost your job. You
receive a severance package of $65 000 and decide to invest it for retirement, earning
an average of 7% per year. It has been suggested that you should be able to retire
comfortably with $500 000 in savings. If your investment can be modelled with the
equation y = 65000(1.07)* how many years will pass before you reach $500 000?
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