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An account bearing interest at 6 percent compounded quarterly was established 15 years ago. The account balance now is $ 10,000. What was the initial amount when the account was established?

An account bearing interest at 6 percent compounded quarterly was established 15 years ago. The account balance now is $ 10,000. What was the initial amount when the account was established?

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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. An account bearing interest at 6 percent compounded quarterly was established 15 years ago. The account balance now is $ 10,000. What was the initial amount when the account was established ?
Transcribed Image Text:. An account bearing interest at 6 percent compounded quarterly was established 15 years ago. The account balance now is $ 10,000. What was the initial amount when the account was established ?
3. Jill wishes to provide herself, or her estate, with an income of $10,000 at the end of each year for 10 years. She will make a lump sum deposit when the account is established and add $3000 at the end of each year for 12 years. The income is to start at the end of the year following the year in which the last deposit was made. Compute the lump sum deposit. (All interest rates are 7 Percent Compounded annually)
Transcribed Image Text:3. Jill wishes to provide herself, or her estate, with an income of $10,000 at the end of each year for 10 years. She will make a lump sum deposit when the account is established and add $3000 at the end of each year for 12 years. The income is to start at the end of the year following the year in which the last deposit was made. Compute the lump sum deposit. (All interest rates are 7 Percent Compounded annually)
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