On January 1, an account is worth $70,000. After k months, the balance increases by 20%, and $4,000 is withdrawn. k+2 months prior to the end of the year, the balance becomes $88,000 and $2,000 is deposited. After 1 year, the account is worth $80,000. The DWRR of the account is 17.69%. (a) Find k. (b) Calculate the TWRR of the account.

On January 1, an account is worth $70,000. After k months, the balance increases by 20%, and $4,000 is withdrawn. k+2 months prior to the end of the year, the balance becomes $88,000 and $2,000 is deposited. After 1 year, the account is worth $80,000. The DWRR of the account is 17.69%. (a) Find k. (b) Calculate the TWRR of the account.

Name: On January 1, an account is worth $70,000. After k months, the balanc
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Description: On January 1, an account is worth $70,000. After k months, the balance increases by 20%, and $4,000is withdrawn. k + 2 months prior to the end of the year, the balance becomes $88,000 and $2,000 isdeposited. After 1 year, the account is worth $80,00

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

On January 1, an account is worth $70,000. After k months, the balance increases by 20%, and $4,000
is withdrawn. k + 2 months prior to the end of the year, the balance becomes $88,000 and $2,000 is
deposited. After 1 year, the account is worth $80,000. The DWRR of the account is 17.69%.
(a) Find k.
(b) Calculate the TWRR of the account.

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