Question 3 St. Francis Xavier College wants to provide an annual scholarship worth $4000. The College considers investing $100,000 in a bank account at an interest rate of 3.85% per annum and giving the interest earnt as the annual scholarship? a. How much interest will the investment earn per year? b. How much money will need to be invested so the annual scholarship of $4000 is possible?

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question 3
St. Francis Xavier College wants to provide an annual scholarship worth $4000. The
College considers investing $100,000 in a bank account at an interest rate of 3.85%
per annum and giving the interest earnt as the annual scholarship?
a. How much interest will the investment earn per year?
b. How much money will need to be invested so the annual scholarship of $4000 is
possible?
Transcribed Image Text:Question 3 St. Francis Xavier College wants to provide an annual scholarship worth $4000. The College considers investing $100,000 in a bank account at an interest rate of 3.85% per annum and giving the interest earnt as the annual scholarship? a. How much interest will the investment earn per year? b. How much money will need to be invested so the annual scholarship of $4000 is possible?
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