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16. Two investors, Brent and Lincoln, invest different amounts of money at the same time for an 8-year period. Brent invests $10 000 at 6% per year and his final amount is given by the formula A= 10000(1.06). Lincoln is shrewder, and was able to invest only $8000 and end up with the same amount at the end. His final amount can be modelled using the equation A = 8000(1+i). Determine the value of i for Lincoln and the yearly interest rate his money earned to allow this to happen.

16. Two investors, Brent and Lincoln, invest different amounts of money at the same time for an 8-year period. Brent invests $10 000 at 6% per year and his final amount is given by the formula A= 10000(1.06). Lincoln is shrewder, and was able to invest only $8000 and end up with the same amount at the end. His final amount can be modelled using the equation A = 8000(1+i). Determine the value of i for Lincoln and the yearly interest rate his money earned to allow this to happen.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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16. Two investors, Brent and Lincoln, invest different amounts of money at the same time for an 8-year period. Brent invests $10 000 at 6% per year and his final amount is given by the formula A= 10000(1.06). Lincoln is shrewder, and was able to invest only $8000 and end up with the same amount at the end. His final amount can be modelled using the equation A = 8000(1+i). Determine the value of i for Lincoln and the yearly interest rate his money earned to allow this to happen.
Transcribed Image Text:16. Two investors, Brent and Lincoln, invest different amounts of money at the same time for an 8-year period. Brent invests $10 000 at 6% per year and his final amount is given by the formula A= 10000(1.06). Lincoln is shrewder, and was able to invest only $8000 and end up with the same amount at the end. His final amount can be modelled using the equation A = 8000(1+i). Determine the value of i for Lincoln and the yearly interest rate his money earned to allow this to happen.
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