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5 1.5% simple growth interest for 'w' ye t, 2% interest will begin for 'x' years, w compounded semiannually. If the man he future amount to be up by 147% its amount. How many years should the it in this strange bank? ETHE LENGTH OF SECOND INTEREST IS TWICE OF THE FIRST

5 1.5% simple growth interest for 'w' ye t, 2% interest will begin for 'x' years, w compounded semiannually. If the man he future amount to be up by 147% its amount. How many years should the it in this strange bank? ETHE LENGTH OF SECOND INTEREST IS TWICE OF THE FIRST

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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A man deposits Php 6,000 in a strange bank that promises 1.5% simple growth interest for 'w' years. After that, 2% interest will begin for 'x' years, which is to be compounded semiannually. If the man wishes the future amount to be up by 147% its principal amount. How many years should the money sit in this strange bank? ASSUME THE LENGTH OF SECOND INTEREST PERIOD IS TWICE OF THE FIRST
Transcribed Image Text:A man deposits Php 6,000 in a strange bank that promises 1.5% simple growth interest for 'w' years. After that, 2% interest will begin for 'x' years, which is to be compounded semiannually. If the man wishes the future amount to be up by 147% its principal amount. How many years should the money sit in this strange bank? ASSUME THE LENGTH OF SECOND INTEREST PERIOD IS TWICE OF THE FIRST
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