3 Some time ago, you put £500 into a bank account for a "rainy day" Since then, the bank has beenpaying you 1 percent per month, compounded monthly. Today, you checked the balance, and found itto be £708.31. How long ago did you deposit the £500?

Using the formula: FV=PV[(1+i)n-(1/i)] where. FV=708.31 PV=500 i=0.01

Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been payıng you 1 percent per month, compounded monthly. Today, you checked the balance, and found to be £708.31. How long ago did you deposit the £500?

Some time ago, you put £500 into a bank account for a "rainy day." Since then, the bank has been payıng you 1 percent per month, compounded monthly. Today, you checked the balance, and found to be £708.31. How long ago did you deposit the £500?

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)

5th Edition

ISBN:9781305084766

Author:Saeed Moaveni

Publisher:Saeed Moaveni

Chapter20: Engineering Economics

Section: Chapter Questions

Problem 48P

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3 Some time ago, you put £500 into a bank account for a "rainy day" Since then, the bank has been
paying you 1 percent per month, compounded monthly. Today, you checked the balance, and found it
to be £708.31. How long ago did you deposit the £500?

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