Fund A of $ 5,000 grows with an instant interest rate of St =1/(12-t) for 0
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.CR: Review Problem Set
Problem 56CR
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Transcribed Image Text:Fund A of $ 5,000 grows with an instant interest rate of St = 1/ (12-t)
for 0 <t <12.
B fund of $ 5,000 grows with an annual interest rate of 4% for the first
3 years according to a simple interest rate, and an annual effective
interest rate of "i" for the following years.
At the end of the 5th year, calculate the "i" interest rate since the
values of A and B funds are equal.
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