Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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You want to purchase an RV in 5 years that cost 80,000. You are going to make monthly deposits into an account that pays 4% monthly.
a) What would be the amount of monthly deposits?
b) What would be the amount of total deposits for the term of the investment?
c) How much interest will you earn?
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- Suppose you want to have $700000 retirement in 20 years. Your account earns 10% interest. A) How much would you need to deposit in the account each month? B) How much interest would you earn?arrow_forwardKevin used his credit card to pay $2544 for a holiday. The interest rate for the creditcard is 18.75%, compounded daily. Kevin plans to make monthly payments of $200.a) When will Kevin have paid off the balance in full? b) How much interest will he have paid?arrow_forwardYou invest $48,850 in a short-term deposit at 3.72% for 316 days.a) Calculate the accumulated value of this amount at the end of the term. $b) Calculate the amount of interest earned. $arrow_forward
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