You start out with 3500 dollars at time t = 0 and earn 3 percent interest (yearly effective). When the amount reaches 4000, you withdraw 1000. The remainder remains invested. The bank increases the interest rate to 4 percent effective when the account has 5000 dollars or more in it. What is the total time to reach 6000 dollars?
You start out with 3500 dollars at time t = 0 and earn 3 percent interest (yearly effective). When the amount reaches 4000, you withdraw 1000. The remainder remains invested. The bank increases the interest rate to 4 percent effective when the account has 5000 dollars or more in it. What is the total time to reach 6000 dollars?
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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You start out with 3500 dollars at time t = 0 and earn 3 percent interest (yearly effective). When the amount reaches 4000, you withdraw 1000. The remainder remains invested. The bank increases the interest rate to 4 percent effective when the account has 5000 dollars or more in it. What is the total time to reach 6000 dollars?
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