An investor deposits $15,000 in a bank account. The bank offers an interest rate of i=4.1% per year. A) what is the value of the investment 4 years later? B) How much time is needed for the amount to double?

An investor deposits $15,000 in a bank account. The bank offers an interest rate of i=4.1% per year. A) what is the value of the investment 4 years later? B) How much time is needed for the amount to double?

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 investor deposits $15,000 in a bank account. The bank offers an interest rate of i=4.1% per year.

A) what is the value of the investment 4 years later?

B) How much time is needed for the amount to double?

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