(3) Suppose $40,000 was invested on January 1, 1980 at an annual effective in- terest rate of 7% in order to provide an annual (calendar-year) scholarship of $5,000 each year forever, the scholarships paid out each January 1. (a) In what year can the first $5,000 scholarship be made?
(3) Suppose $40,000 was invested on January 1, 1980 at an annual effective in- terest rate of 7% in order to provide an annual (calendar-year) scholarship of $5,000 each year forever, the scholarships paid out each January 1. (a) In what year can the first $5,000 scholarship be made?
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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