Answered: 1.) If inflation averages 3% per year,…

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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Question

1.) If inflation averages 3% per year, calculate the value of:

a. $8000 indexed for inflation over 2 years

b. $14000 indexed for inflation over 5 years

c. $22500 indexed for inflation over 7 years.

2.) Hoang currently requires $0 per week to maintain his lifestyle. Assuming inflation averages 2% per year, how much will Hoang require per week for him to maintain his current lifestyle in:

a. 10 years' time

b. 20 years' time

c. 30 years' time

3.) A holiday package is valued at $15000 today. If inflation averages 2% per year, calculate the value of the holiday package indexed for inflation over 4 years.

(deals with sequences and series)

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