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student17293

Math help

Mr Lee dieposits $2000 at the beginning of each Year at fixed interest rate of 3% p. a., compounded yearly. (Give Your answers correct to the nearest dollar)
In 20year's time,
(a) how much money will he save?
(b) how much should he deposit at the beginning of each Year if he wants to save $500,000

解答 0

  • eric
    2020-01-08 16:45:19
    a. 2000×1.03+...+2000×1.03^20
  • eric
    2020-01-08 16:53:26
    b. Solve 1.03x(1.03^20-1)/(1.03-1)=500000, where x is the deposit in question
  • eric
    2020-01-08 17:52:31
    Then use geometric series formula
    •  eric 2020-01-08 16:45:19
    • a. 2000×1.03+...+2000×1.03^20
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