Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.
Heading 1 Heading 2 Title Font Paragraph Styles Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and TOTAL using compound interest (compounded annually) to reach more than $1000. EX3 DE Principal= $25,000 Rate%3D 4% Simple Total Compound Total Interest using Interest using Simple Comp. Int. per period per period Int. Period/Years 25,000 0. 26,000 1000 26,000 1000 27,040 1040 27,000 1000 2 28,121.60 1081.60 28,000 1000 10 29,246.46 1124.86 29,000 1000 4. 11 30,416.32 1169.86 30,000 1000 12 31,632.98 1216.66 31,000 1000 6. 13 DFocus 2. 5. 7.
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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Transcribed Image Text:Heading 1
Heading 2
Title
Font
Paragraph
Styles
Exercise 3: Compare simple and compound interest (compounded annually) on a principal of $25,000 at an annual
rate of 4%. Find the number of years it takes for the the difference of the TOTAL using Simple interest and
TOTAL using compound interest (compounded annually) to reach more than $1000.
EX3
DE
Principal=
$25,000
Rate%3D
4%
Simple
Total
Compound
Total
Interest
using
Interest
using
Simple
Comp. Int.
per period
per period
Int.
Period/Years
25,000
0.
26,000
1000
26,000
1000
27,040
1040
27,000
1000
2
28,121.60
1081.60
28,000
1000
10
29,246.46
1124.86
29,000
1000
4.
11
30,416.32
1169.86
30,000
1000
12
31,632.98
1216.66
31,000
1000
6.
13
DFocus
2.
5.
7.
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