Annuities Leigh regularly deposits a certain amount K in a bank account which credits compound interest: If Leigh deposits K = 1,000 at the end of each month, how long exactly does he need to deposit until the amount in the fund reaches 20,000 if the compound interest rate is 5% per month? use a formula for annuities
Annuities Leigh regularly deposits a certain amount K in a bank account which credits compound interest: If Leigh deposits K = 1,000 at the end of each month, how long exactly does he need to deposit until the amount in the fund reaches 20,000 if the compound interest rate is 5% per month? use a formula for annuities
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.2: The Natural Exponential Function
Problem 36E
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Annuities
Leigh regularly deposits a certain amount K in a bank account which credits compound interest:
If Leigh deposits K = 1,000 at the end of each month, how long exactly does he need to deposit until the amount in the fund reaches 20,000 if the compound interest rate is 5% per month?
use a formula for annuities
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