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A) A = P(1+i)n B) 13600 = 6800(1+i/4)¹6×4 c)2 = (1 + i/4) 64 D)/2 = 1 + i E) 1+i/4≈ 1.010889% F) The interest rate is about 4.3% Paragraph

A) A = P(1+i)n B) 13600 = 6800(1+i/4)¹6×4 c)2 = (1 + i/4) 64 D)/2 = 1 + i E) 1+i/4≈ 1.010889% F) The interest rate is about 4.3% Paragraph

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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A student is asked to determine the interest rate required for an investment of $6800 to double in 16 years, compounded quarterly. Explain, in words, what the student was thinking as they completed each step of the solution below.
Transcribed Image Text:A student is asked to determine the interest rate required for an investment of $6800 to double in 16 years, compounded quarterly. Explain, in words, what the student was thinking as they completed each step of the solution below.
A) A = P(1+i)n B) 13600 = 6800(1+i/4)¹6×4 c)2 = (1+i/4) 64 64 D)/2 = 1 + E) 1+i/4≈ 1.010889% F) The interest rate is about 4.3% Paragraph i
Transcribed Image Text:A) A = P(1+i)n B) 13600 = 6800(1+i/4)¹6×4 c)2 = (1+i/4) 64 64 D)/2 = 1 + E) 1+i/4≈ 1.010889% F) The interest rate is about 4.3% Paragraph i
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