2 Adam invests 50000 NIS (New Israeli Sheqel) in a bank that pays 3.2% nominal annual interest compounded annually. a Calculate the amount he will have in the bank after 10 years. b Find how many complete years it will take for his money to double? C Calculate the interest rate he should ask for if he wants to double his investment in 20 yearsS.
2 Adam invests 50000 NIS (New Israeli Sheqel) in a bank that pays 3.2% nominal annual interest compounded annually. a Calculate the amount he will have in the bank after 10 years. b Find how many complete years it will take for his money to double? C Calculate the interest rate he should ask for if he wants to double his investment in 20 yearsS.
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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