Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?
Q.1 A mother wants to save $4000 bimonthly in a financial institution, which pays her interest at a rate of 9 % per year compounded bimonthly. After 7 years the mother gives loan to a company that accumulated amount, which she receives from the bank, at an interest rate of 9% compounded quarterly. What amount she will have finally when the company returns the amount to her after 3 years? How much total interest should she earn in 10 years' time?
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 38E
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