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Susan deposits $2000 into a bank account that pays interest at the following rates: • an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per annum for the following eight months, and an effective rate of interest of 3% per annum thereafter. (a) Calculate, correct to 2 decimal places, the accumulated value of Susan's deposit after exactly 6 months have elapsed. (b) Calculate the least integer number of months she must leave that $2000 in the account for it to grow to at least $2200.

Susan deposits $2000 into a bank account that pays interest at the following rates: • an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per annum for the following eight months, and an effective rate of interest of 3% per annum thereafter. (a) Calculate, correct to 2 decimal places, the accumulated value of Susan's deposit after exactly 6 months have elapsed. (b) Calculate the least integer number of months she must leave that $2000 in the account for it to grow to at least $2200.

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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Susan deposits $2000 into a bank account that pays interest at the following rates: • an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per annum for the following eight months, and an effective rate of interest of 3% per annum thereafter. (a) Calculate, correct to 2 decimal places, the accumulated value of Susan's deposit after exactly 6 months have elapsed. (b) Calculate the least integer number of months she must leave that $2000 in the account for it to grow to at least $2200.
Transcribed Image Text:Susan deposits $2000 into a bank account that pays interest at the following rates: • an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per annum for the following eight months, and an effective rate of interest of 3% per annum thereafter. (a) Calculate, correct to 2 decimal places, the accumulated value of Susan's deposit after exactly 6 months have elapsed. (b) Calculate the least integer number of months she must leave that $2000 in the account for it to grow to at least $2200.
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