10th Edition

ISBN: 8220102020252

Author: RITCHEY

Publisher: PEARSON

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Chapter 5.1, Problem 67E

Interest Bruce and Robbie each open new bank accounts at time 0. Bruce deposits $100 into his bank account, and Robbie deposits $50 into his. Each account earns the same annual effective interest rate. The amount of interest earned in Bruce’s account during the 11th year is equal to X. The amount of interest earned in Robbie’s account during the 17th year is also equal to X. Calculate X. Choose one of the following. Source: Society of Actuaries.

(a) 28.0
(b) 31.3
(c) 34.6
(d) 36.7
(e) 38.9

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Chapter 5.1, Problem 66E

Chapter 5.1, Problem 68E

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Solution Summary: The author explains that Bruce deposits 100 in his bank account and he earned amount X in the 11 th year.

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