2. When you were born, your grandfather established a trust fund for you in theLand Bank of the Philippines. The account has been earning an annual interest of10%. If this account will be worth 100,000 on your 18th birthday, how much didyour grandfather deposit on the day you were born?

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Answered: When you were born, your grandfather…

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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When you were born, your grandfather established a trust fund for you in the Land Bank of the Philippines. The account has been earning an annual interest of 10%. If this account will be worth 100,000 on your 18th birthday, how much did your grandfather deposit on the day you were born?