Five years ago, you entered into a 10-year investment of principal P (in pesos) with simple interest of 4% per annum. Today, your bank announced that it will impose a new interest rate of 4.5% compounded quarterly. If three years from now the value of your investment is 150 .000 pesos find an expression for P and use the expression to anproximate P
Five years ago, you entered into a 10-year investment of principal P (in pesos) with simple interest of 4% per annum. Today, your bank announced that it will impose a new interest rate of 4.5% compounded quarterly. If three years from now the value of your investment is 150 .000 pesos find an expression for P and use the expression to anproximate P
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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