A man deposits Php 6,000 in a strange bank thatpromises 1.5% simple growth interest for 'w' years.After that, 2% interest will begin for 'x' years, whichis to be compounded semiannually. If the manwishes the future amount to be up by 147% itsprincipal amount. How many years should themoney sit in this strange bank?ASSUME THE LENGTH OF SECOND INTERESTPERIOD IS TWICE OF THE FIRST

Answered: 5 1.5% simple growth interest for 'w'…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5 1.5% simple growth interest for 'w' ye t, 2% interest will begin for 'x' years, w compounded semiannually. If the man he future amount to be up by 147% its amount. How many years should the it in this strange bank? ETHE LENGTH OF SECOND INTEREST IS TWICE OF THE FIRST