A scholarship fund currently has $100,000 in it. It earns 2% interest every year and 10% of the fund is given in scholarships every year. At the same time, $10,000 is added to the fund each year from contributions. a) Find the difference equation and solve it.
A scholarship fund currently has $100,000 in it. It earns 2% interest every year and 10% of the fund is given in scholarships every year. At the same time, $10,000 is added to the fund each year from contributions. a) Find the difference equation and solve it.
Advanced Engineering Mathematics
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ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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Transcribed Image Text:A scholarship fund currently has $100,000 in it. It earns 2% interest every year and 10%
of the fund is given in scholarships every year. At the same time, $10,000 is added to the
fund each year from contributions.
22.
a)
Find the difference equation and solve it.
b)
How much money should be added to the scholarship fund every year if the
fund is to approach a value of $1,000,000?
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