Assume that Bob deposited $3,000 per year in a bank account. Since the bank offered a compound interest rate of 10%, the balance in the account after a certain number of years showed $75,000. How many deposits did he approximately make?
Assume that Bob deposited $3,000 per year in a bank account. Since the bank offered a compound interest rate of 10%, the balance in the account after a certain number of years showed $75,000. How many deposits did he approximately make?
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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![Assume that Bob deposited $3,000 per year in a bank account. Since the bank offered a
compound interest rate of 10%, the balance in the account after a certain number of years
showed $75,000. How many deposits did he approximately make?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F17f44bb4-fc09-430e-b0e7-373826cef4a5%2F31df4241-ef6d-48aa-810d-241511e76c2c%2F05hy903_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume that Bob deposited $3,000 per year in a bank account. Since the bank offered a
compound interest rate of 10%, the balance in the account after a certain number of years
showed $75,000. How many deposits did he approximately make?
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