Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
: An initial deposit of $11000 is made into an account now, and a second deposit of $21000 is made into the same account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of 5%. At the end of 30 years, the total value of the account will be $118963. What is the value of d (to the nearest 0.1%)? Just Save Problem #8 Your Answer: Your Mark: d as a percentage, correct to 1 decimal Submit Problem #8 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5

: An initial deposit of $11000 is made into an account now, and a second deposit of $21000 is made into the same account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of 5%. At the end of 30 years, the total value of the account will be $118963. What is the value of d (to the nearest 0.1%)? Just Save Problem #8 Your Answer: Your Mark: d as a percentage, correct to 1 decimal Submit Problem #8 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5

College Algebra
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 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
See similar textbooks
icon
Related questions
Question
: An initial deposit of $11000 is made into an account now, and a second deposit of $21000 is made into the same account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of 5%. At the end of 30 years, the total value of the account will be $118963. What is the value of d (to the nearest 0.1%)? Just Save Problem #8 Your Answer: Your Mark: d as a percentage, correct to 1 decimal Submit Problem #8 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5
Transcribed Image Text:: An initial deposit of $11000 is made into an account now, and a second deposit of $21000 is made into the same account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of 5%. At the end of 30 years, the total value of the account will be $118963. What is the value of d (to the nearest 0.1%)? Just Save Problem #8 Your Answer: Your Mark: d as a percentage, correct to 1 decimal Submit Problem #8 for Grading Attempt #1 Attempt #2 Attempt #3 Attempt #4 Attempt #5
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
SEE MORE TEXTBOOKS