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8. Mother places 10,000 pesos in an account for her child upon his birth. Assuming no initial deposits or withdrawals, how much will the child have at his 21st birthday if the bank pays 2.5% interest compounded. annually for the entire period?

8. Mother places 10,000 pesos in an account for her child upon his birth. Assuming no initial deposits or withdrawals, how much will the child have at his 21st birthday if the bank pays 2.5% interest compounded. annually for the entire period?

Advanced Engineering Mathematics
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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Find the solution of each of the following problems. Identify the given, required, and the formula to be used. Used the formula given below 8. Mother places 10,000 pesos in an account for her child upon his birth. Assuming no initial deposits or withdrawals, how much will the child have at his 21st birthday if the bank pays 2.5% interest compounded annually for the entire period? Exponential Growth and Decay • If y is a differentiable function of t, such that y >0 and dy/dt = ky for some constant k, then: A = Pert y = Cekt P(t) = Pekt • P, is called the initial value of P(t) and k is called the constant of proportionality. You get a growth equation when k> 0 and a decay equation when k < 0.
Transcribed Image Text:Find the solution of each of the following problems. Identify the given, required, and the formula to be used. Used the formula given below 8. Mother places 10,000 pesos in an account for her child upon his birth. Assuming no initial deposits or withdrawals, how much will the child have at his 21st birthday if the bank pays 2.5% interest compounded annually for the entire period? Exponential Growth and Decay • If y is a differentiable function of t, such that y >0 and dy/dt = ky for some constant k, then: A = Pert y = Cekt P(t) = Pekt • P, is called the initial value of P(t) and k is called the constant of proportionality. You get a growth equation when k> 0 and a decay equation when k < 0.
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