Answered: Rose deposits P20,000 into a fund that…

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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Please help: A savings plan James begins a savings plan in which he deposits $100 at the beginning of each month into an account that earns 9% interest annually or, equivalently, 0.75% per month. To be clear, on the first day of each month, the bank adds 0.75% of the current balance as interest, and then James deposits $100. Let Bn be the balance in the account after the nth payment, where Bn = $0. Write the first five terms of the sequence {Bn}. Find a recurrence relation that generates the sequence {Bn}. How many months are needed to reach a balance of $5000?
The half-yearly nominal rate of discount convertible monthly is 3.5%. Calculate the force of interest per annum which is equivalent to this interest rate. (correct answer = 7.02050) no tables, ONLY formulas, please)

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Rose deposits P20,000 into a fund that earns 7.5% interest payable quarterly while Jack deposits at the same time P22,000 into a fund that earns a constant force of interest of r. After 2 years and 6 months, the value of their deposits are the same. Determine the constant force of interest rate r.