In his will dated July 17, 1,788, Benjamin Franklin stated that he wished "to be useful even after my death if possible," and to this end, Franklin left 1,000 pounds sterling (about $4,570) to be used to make loans to the inhabitants of Boston. Round your answer to the nearest cent. Part 1 out of 3 a. If the will stipulated that not more than 90 pounds, about $411.3, was to be loaned to apprentices at a 5 percent annual interest rate. What is the interest on this amount for 1 year? $

In his will dated July 17, 1,788, Benjamin Franklin stated that he wished "to be useful even after my death if possible," and to this end, Franklin left 1,000 pounds sterling (about $4,570) to be used to make loans to the inhabitants of Boston. Round your answer to the nearest cent. Part 1 out of 3 a. If the will stipulated that not more than 90 pounds, about $411.3, was to be loaned to apprentices at a 5 percent annual interest rate. What is the interest on this amount for 1 year? $

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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Question

In his will dated July 17, 1,788, Benjamin Franklin stated that he wished "to be useful even after my
death if possible," and to this end, Franklin left 1,000 pounds sterling (about $4,570) to be used to make
loans to the inhabitants of Boston. Round your answer to the nearest cent.
Part 1 out of 3
a. If the will stipulated that not more than 90 pounds, about $411.3, was to be loaned
to apprentices at a 5 percent annual interest rate. What is the interest on this amount
for 1 year?
$
%24

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