After receiving his first income, Mr. J invested P20,000 in a bank for his future family. The annual interest rate in his investment is 5% - compounded interest such that the interest of his investment also gets an interest. a. What is the growth rate, k? b. How much will he have after 10 years? c. Approximately after how many years will his money double?
After receiving his first income, Mr. J invested P20,000 in a bank for his future family. The annual interest rate in his investment is 5% - compounded interest such that the interest of his investment also gets an interest. a. What is the growth rate, k? b. How much will he have after 10 years? c. Approximately after how many years will his money double?
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 62SE: Rachael deposits $1500 into a retirement fund each year. The fund earns 8.2% annual interest,...
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After receiving his first income, Mr. J invested P20,000 in a bank for his future family. The annual interest rate in his investment is 5% - compounded interest such that the interest of his investment also gets an interest.
a. What is the growth rate, k?
b. How much will he have after 10 years?
c. Approximately after how many years will his money double?
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