We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year
We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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Transcribed Image Text:We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually.
Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000
from the account? (Assume that interest is added to the account on the last day of each year.)
We can take out that much at the end of the
th year
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