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find the amount of money in account after 5 years. d. How many years will it be before the account has doubled in value to $10000?

find the amount of money in account after 5 years. d. How many years will it be before the account has doubled in value to $10000?

Advanced Engineering Mathematics
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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This is NOT a graded question. Already did a-c. Attached them for reference. Please help with part d. Thanks!
c. As we will see later, the amount of money Pn in the account after month n is given by n 0.08 5000 (1 + 029)". 12 Pn = Use this formula to check your calculations in Table 8.1.2. Then find the amount of money in the account after 5 years. d. How many years will it be before the account has doubled in value to $10000? 5-Year amount = Syrs = 60 mos, so Pueo = 5000 CI+ 0.08 12 di | = 5000 (1006) 100 J 7449.23
Transcribed Image Text:c. As we will see later, the amount of money Pn in the account after month n is given by n 0.08 5000 (1 + 029)". 12 Pn = Use this formula to check your calculations in Table 8.1.2. Then find the amount of money in the account after 5 years. d. How many years will it be before the account has doubled in value to $10000? 5-Year amount = Syrs = 60 mos, so Pueo = 5000 CI+ 0.08 12 di | = 5000 (1006) 100 J 7449.23
Preview Activity 8.1.1. Suppose you receive $5000 through an inheritance. You decide to invest this money into a fund that pays 8% annually, compounded monthly. That means that each month your investment earns 0.08P additional dollars, where P is your principal balance at the start of the month. So in the first month your investment earns 12 or $33.33. If you reinvest this money, you will then have $5033.33 in your account at the end of the first month. From this point on, assume that you reinvest all of the interest you earn. 90 5033 334 33.55= a. How much interest will you earn in the second month? How much money will you have in your account at the end of the second month? 5066.88 3000(190) 5033.37 (407) 33.55 0.08 08. 12 b. Complete Table 8.1.2 to determine the interest earned and total amount of money in this investment each month for one year. Total amount of money in the account 0 $0.00 $5000.00 1 $33.33 $5033.33 2 33.55 5066.88 3 33.28 5700.66 434.00 5134166 Month Interest earned 4567 7 8 34.23 $16.89 34.46 $203.35 34.69 5238.04, 34.92 5272.96 5388.11 5343,50 35.62 3379.12 5414.98 9 35.15 10 35.31 11 12 35.46 Table 8.1.2: Interest
Transcribed Image Text:Preview Activity 8.1.1. Suppose you receive $5000 through an inheritance. You decide to invest this money into a fund that pays 8% annually, compounded monthly. That means that each month your investment earns 0.08P additional dollars, where P is your principal balance at the start of the month. So in the first month your investment earns 12 or $33.33. If you reinvest this money, you will then have $5033.33 in your account at the end of the first month. From this point on, assume that you reinvest all of the interest you earn. 90 5033 334 33.55= a. How much interest will you earn in the second month? How much money will you have in your account at the end of the second month? 5066.88 3000(190) 5033.37 (407) 33.55 0.08 08. 12 b. Complete Table 8.1.2 to determine the interest earned and total amount of money in this investment each month for one year. Total amount of money in the account 0 $0.00 $5000.00 1 $33.33 $5033.33 2 33.55 5066.88 3 33.28 5700.66 434.00 5134166 Month Interest earned 4567 7 8 34.23 $16.89 34.46 $203.35 34.69 5238.04, 34.92 5272.96 5388.11 5343,50 35.62 3379.12 5414.98 9 35.15 10 35.31 11 12 35.46 Table 8.1.2: Interest
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