Engineering Economics & Process Analysis 1-You deposit 5000 in a savings account that earns 3% simple interest per year. How long will it take to double your balance? 2-If you deposit 5000 in a savings account that earns 3% interest compounded annually. How long will it take to double your balance?
Engineering Economics & Process Analysis 1-You deposit 5000 in a savings account that earns 3% simple interest per year. How long will it take to double your balance? 2-If you deposit 5000 in a savings account that earns 3% interest compounded annually. How long will it take to double your balance?
Introduction to Chemical Engineering Thermodynamics
8th Edition
ISBN:9781259696527
Author:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Publisher:J.M. Smith Termodinamica en ingenieria quimica, Hendrick C Van Ness, Michael Abbott, Mark Swihart
Chapter1: Introduction
Section: Chapter Questions
Problem 1.1P
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Question
Engineering Economics & Process Analysis
1-You deposit 5000 in a savings account that earns 3% simple interest per year.
How long will it take to double your balance?
2-If you deposit 5000 in a savings account that earns 3% interest compounded annually.
How long will it take to double your balance?
Expert Solution
Step 1
Given data:
Principle amount = 5000
Simple interest rate per year = 3 %
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