2. Damian deposits P dollars in a POSD bank at the beginning of a year. The deposit earns an interest rate of x% compounded annually. At the end of each year, of the amount in the account (including principal and interest) is withdrawn and the remainder is re-deposited at the same rate. Let u, denote the amount of money withdrawn at the end of the nth year. (a) Express u, and u₂ in terms of P and x and hence show 3 that u3 = P(1+)³. (b) Given that u₁, U2, U3... forms a geometric progression; find the common ratio in terms of x. 27 -P, find the value of x. Given further 128 that P = 5000, find the total amount of money withdrawn at the end of the first 5 years. Give your answer correct to the nearest integer. (c) Suppose u3 = Answer: (a) u₁ = P(1+2) U₂ = ²/P(1 + x)² (b) r = ²/3 (1 + 100) (c) x= 12.5; 5720
2. Damian deposits P dollars in a POSD bank at the beginning of a year. The deposit earns an interest rate of x% compounded annually. At the end of each year, of the amount in the account (including principal and interest) is withdrawn and the remainder is re-deposited at the same rate. Let u, denote the amount of money withdrawn at the end of the nth year. (a) Express u, and u₂ in terms of P and x and hence show 3 that u3 = P(1+)³. (b) Given that u₁, U2, U3... forms a geometric progression; find the common ratio in terms of x. 27 -P, find the value of x. Given further 128 that P = 5000, find the total amount of money withdrawn at the end of the first 5 years. Give your answer correct to the nearest integer. (c) Suppose u3 = Answer: (a) u₁ = P(1+2) U₂ = ²/P(1 + x)² (b) r = ²/3 (1 + 100) (c) x= 12.5; 5720
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
Help ddmkddkdmss
Transcribed Image Text:2.
Damian deposits P dollars in a POSD bank at the beginning
of a year. The deposit earns an interest rate of x%
compounded annually. At the end of each year, of the
amount in the account (including principal and interest) is
withdrawn and the remainder is re-deposited at the same
rate. Let un denote the amount of money withdrawn at the
end of the nth year.
(a) Express u, and u₂ in terms of P and x and hence show
3
that u3 = P(1 +³.
27
(b) Given that u₁, U2, U3... forms a geometric progression;
find the common ratio in terms of x.
(c) Suppose u3
=
27
-P, find the value of x. Given further
128
that P = 5000, find the total amount of money withdrawn
at the end of the first 5 years. Give your answer correct to
the nearest integer.
Answer:
(a)
u₁ = P(1+)
u₂ = ²P (1 + x)²
100
(b)
= // (1+500)
(c)
x = 12.5; 5720
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 5 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
