What is the minimum number of year-end deposits that have to be made before the total value of the deposits is at least eight times greater than the value of a single year-end deposit if the interest rate is 10%?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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What is the minimum number of year-end deposits that have to be
made before the total value of the deposits is at least eight times
greater than the value of a single year-end deposit if the interest rate
is 10%?
11
Transcribed Image Text:What is the minimum number of year-end deposits that have to be made before the total value of the deposits is at least eight times greater than the value of a single year-end deposit if the interest rate is 10%? 11
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