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Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?

Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?

Advanced Engineering Mathematics
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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Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?
Transcribed Image Text:Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?
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