O Akomiah deposits GHS1,000 into his bank account. The bank credits interest at nominal annual rate j, convertible semi-annually, for the first seven years and nominal annual rate 2j, convertible quarterly, for all years thereafter. The accumulated value of the account at the end of 5 years is 2X. If the accumulated value of the account at the end of 10.5 years is GHS1,980, find the value of X.

O Akomiah deposits GHS1,000 into his bank account. The bank credits interest at nominal annual rate j, convertible semi-annually, for the first seven years and nominal annual rate 2j, convertible quarterly, for all years thereafter. The accumulated value of the account at the end of 5 years is 2X. If the accumulated value of the account at the end of 10.5 years is GHS1,980, find the value of X.

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

See similar textbooks

Related questions

Q: Salim borrowed some money which amounts to OMR 4530 after 3 years at 7% simple interest.How much did…

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple…

Q: An amount of 2200 is borrowed for 3 months with 2221.45 due at the end of the given period. Find the…

Q: y borrows $79,500 for

A: Introduction: The formula of the simple interest rate is given by, S.I.=P×R×T100 Where P is the…

Q: A retail store purchased a shipment of coffee at a net price of $771.78. If this shipment was listed…

A: List price of the shipment of coffee = $965.69 Net price = $771.78 therefore trade discount is…

Q: Ananta deposited Rp10,000,000.00 with compound interest at x% per 6 months. Meanwhile, Asnawi…

Q: In 1 year, you will be paid $1.Will the PV increase or decrease if the interest rate goes up?

Q: A man borrows 2000 TL and agrees to pay his creditor 800 TL at the end of 4 years and a final…

Q: The GDP in Brazil is 2.05 trillion. The rate of inflation is 2.5%. If the population of Brazil is…

Q: A college student borrows 6200 for nine months to pay for a semester of school if the interest is…

Q: Alex takes an auto loan of amount $25,000. He has to repay X at the end of each month for the first…

A: Solution:

Q: Find the interest on P15, 000 at 6 ¼ % simple interest for 15 months. O A. P637.50 O B. P781.25 O C.…

Q: An investment pays simple interest, and doubles in 13 years. What is the interest rate? Answer =

A: Formula for simple interest is : I = P×R×T where , P = Principal Amount R = Annual rate of…

Q: The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple…

Q: A person has $1,264 in your bank account that is paying an interest rate of 2.7% (0.027) per…

A: image is attached

Q: Joe invests $500 into an account earning interest compounded monthly. Determine the rate if there…

A: The formula for the compounded amount is given by A=P1+rnnt where A is the compounded amount, P is…

Q: Find the annual rate of simple interest if R190 amounts to R240.25 after 18 months.

A: the annual rate is 16.95 %

Q: A copy Machine depreciates at the rate of 15% each year. If the original copy of the copy machine…

A: We know, Value after time t years = Initial value × 1+rate100t

Q: Don borrows P5000 for 2 years at 4% per annum simple interest. He imrnediately lends it to another…

A: Explanation for the correct choice. The formula for the simple interest is I=PRT100. Initially,…

Q: A population numbers 12 000 organisms initially and decreases by 4% each year. Suppose P represents…

A: As per the company guidelines we can solve first question. I hope that the given solution will help…

Q: If $600 is borrowed and the interest after 24 months is $120, what is the annual interest rate for a…

A: Solution

Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

A: ANSWER :

Q: José bought a motorboat for $ 27,000. Its useful life is 9 years and it has a residual value of $…

Q: Money deposited in a fund triples every 8 years. If the bank compounds the interest continuously,…

Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

(b) Akomiah deposits GHS1,000 into his bank account. The bank credits interest at
nominal annual rate j, convertible semi-annually, for the first seven years and nominal
annual rate 2j, convertible quarterly, for all years thereafter. The accumulated value of
the account at the end of 5 years is 2X. If the accumulated value of the account at the
end of 10.5 years is GHS1,980, find the value of X.
Question 2

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Point Estimation, Limit Theorems, Approximations, and Bounds$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.

Similar questions

at age 25, someone sets up an IRA with an APR of 7%. At the end of each month he deposits $60 in the account. how much will the IRA contain when he retires at the age of 65? compare that amount to the total deposits he made over the time period.
Carlos takes out a loan for $10,300, at 8% ordinary interest. If the amount of interest is $329.60, what is the time period (in days) of the loan?
With 1500.00 I opened a savings account in a bank that offered me a monthly interest rate of 0.5%. If I decide to leave the money for a year, how much money will I have at the end of that period?
A contractor imported a bulldozer for his job, paying Ph 250000 to the manufacturer. Freight and insurance charges amounted to Php 18000; customs, broker's fees and arrastre services, Php 8500; taxes, permits and other expenses, Php 25000. If the contractor estimates the life of the bulldozer to be 10 years with salvage value of Php 2000o, determine the book value at the end of 6 years, using a. Straight-line Formula b. Sinking Fund Formula at 8% c. Matheson Formula d. SYD Method
265,000 is borrowed to buy a house. If the simple interest rate on the 30 year loan is 8.25% find the interest paid on the loan and the total amount paid back.
If .99 cents is 80% off of the original price, how do I find the original price?
Find the interest earned after 3 years if P12 000 is deposited a savings account which earns 5% simple interest.
At age 23, someone sets up an IRA (individual retirement account) with an APR of 7%. At the end of each month he deposits $20 in the account. How much will the IRA contain when he retires at age 65? Compare that amount to the total deposits made over the time period.
A new car is purchased for 16600 dollars. The value of the car depreciates at 9.75% per year. What will the value of the car be, to the nearest cent, after 8 years?
John opened a savings account with $900 and was payed simple intrest at an anual rate of 5%. When John closed the account, he was payed $135 in interest. How long was the account open for, in years?
A car depreciates at the rate of 5% every year. If a car costs 650, 000 now, what is its value on the 5th year?