Consider that the force of interest, is a function of time, measured in years, and is given by the following expression: 0.05 - 0.0010 t for 0 < t < 14 0.09 for t > 14 Hence, find the equivalent constant force of interest per quarter year for the period of t=8 to t=29 years. No tables, only formulas, please
Consider that the force of interest, is a function of time, measured in years, and is given by the following expression: 0.05 - 0.0010 t for 0 < t < 14 0.09 for t > 14 Hence, find the equivalent constant force of interest per quarter year for the period of t=8 to t=29 years. No tables, only formulas, please
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Question
Consider that the force of interest, is a function of time, measured in years, and is given by the following expression:
0.05 - 0.0010 t for 0 < t < 14
0.09 for t > 14
Hence, find the equivalent constant force of interest per quarter year for the period of t=8 to t=29 years.
No tables, only formulas, please
Expert Solution
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Step 1: Method used
To find the equivalent constant force of interest per quarter year for the period from t=8 to t=29 years, you can integrate the given expression for the force of interest with respect to time over this interval and then convert it to a quarterly rate.
First, break the time interval into two parts: 8 to 14 years and 14 to 29 years. Then, calculate the total accumulated interest for each part.
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