Bruce deposits 100 into a bank account. His account is credited interest at an annual nominal rate of interest of 4% convertible semiannually. At the same time, Peter deposits 100 into a separate account. Peter's account is credited interest at an annual force of interest of 8. After 7.25 years, the value of each account is the same. Calculate 8.

Bruce deposits 100 into a bank account. His account is credited interest at an annual nominal rate of interest of 4% convertible semiannually. At the same time, Peter deposits 100 into a separate account. Peter's account is credited interest at an annual force of interest of 8. After 7.25 years, the value of each account is the same. Calculate 8.

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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Bruce deposits 100 into a bank account. His account is credited interest at an annual nominal
rate of interest of 4% convertible semiannually.
At the same time, Peter deposits 100 into a separate account. Peter's account is credited interest
at an annual force of interest of 8.
After 7.25 years, the value of each account is the same.
Calculate 8.

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