We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year
We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually. Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000 from the account? (Assume that interest is added to the account on the last day of each year.) We can take out that much at the end of the th year
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...
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Transcribed Image Text:We deposited $4000 in a bank account with an annual compound interest rate of 2%, compounded annually.
Supposing we don't deposit or withdraw money, how long will we have to wait until we can first take out $10,000
from the account? (Assume that interest is added to the account on the last day of each year.)
We can take out that much at the end of the
th year
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