the rest of the prize money at an annual interest rate of 11% compounded quarterly for 10 years. Let denote the total value of the investments after the 10 year period. (a) Show that rounding your calculations off to 4 decimal places. (b) What would be the total value of the investments after the 10 year period if the prize money he received is R15000?
the rest of the prize money at an annual interest rate of 11% compounded quarterly for 10 years. Let denote the total value of the investments after the 10 year period. (a) Show that rounding your calculations off to 4 decimal places. (b) What would be the total value of the investments after the 10 year period if the prize money he received is R15000?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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Loyiso wins a dancing competition. He invests his prize money of rands on that same day in the following way:
- 40% of the prize money at an annual interest rate of 8.5% compounded continuously for 10 years, and
- the rest of the prize money at an annual interest rate of 11% compounded quarterly for 10 years.
Let denote the total value of the investments after the 10 year period.
(a) Show that rounding your calculations off to 4 decimal places.
(b) What would be the total value of the investments after the 10 year period if the prize money he received is R15000?
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