Paula borrowed $5,000 at a rate of 8.25%, composed annually. How long will it take to have to repay this amount two and a half times? That is, an amount of $12,500. (The compound interest formula is M =C(1+i)n)
Paula borrowed $5,000 at a rate of 8.25%, composed annually. How long will it take to have to repay this amount two and a half times? That is, an amount of $12,500. (The compound interest formula is M =C(1+i)n)
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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4. Paula borrowed $5,000 at a rate of 8.25%, composed annually. How long will it take to have to repay this amount two and a half times? That is, an amount of $12,500.
(The compound interest formula is M =C(1+i)n)
Transcribed Image Text:M = C(fri)")
Expert Solution
Step 1
For the formula: :
- C is the initial amount.
- M is the final amount.
- n is the time period in years.
- i is the rate of interest.
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