24. A student wishes to save money for a rainy day. She invests $5000 into an investment fund that pays, on average, 7% interest compounded annually. Use the formula A = P(1+i)", where P is the principal amount, A is the amount after interest, i is the interest rate, and n is the compounding periods, to determine the number of years it will take to double her money.
24. A student wishes to save money for a rainy day. She invests $5000 into an investment fund that pays, on average, 7% interest compounded annually. Use the formula A = P(1+i)", where P is the principal amount, A is the amount after interest, i is the interest rate, and n is the compounding periods, to determine the number of years it will take to double her money.
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:24. A student wishes to save money for a rainy day. She invests $5000 into an investment
fund that pays, on average, 7% interest compounded annually. Use the formula
A = P(1+i)", where P is the principal amount, A is the amount after interest, i is the
interest rate, and n is the compounding periods, to determine the number of years it will
take to double her money.
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