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?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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,...
icon
Related questions
Question

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?

Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Glencoe Algebra 1, Student Edition, 9780079039897…
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage