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Concept explainers
(a)
To find: The annual rate of interest offered.
(a)
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Answer to Problem 92RE
The annual rate of interest offeredis
Explanation of Solution
Given information:
The initial deposit amount and the time required for the matured amount of
The annual rate of interest offeredis calculated as,
Simplify further,
Thus, the annual rate of interest offeredis
(b)
To find: The actual value of the amount in
(b)
![Check Mark](/static/check-mark.png)
Answer to Problem 92RE
The actual value of the amount in
Explanation of Solution
Given information:
The initial deposit amount is
The actual value of the amount in
Thus, the actual value of the amount in
Chapter 5 Solutions
Precalculus
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