a. $20 000 is invested in an account that pays interest at 2.4% per annum. The interest

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a. $20 000 is invested in an account that pays interest at 2.4% per annum. The interest is added at the end of each year. After how many years will the value of the account first be greater than $25 000?

b. What percentage interest should be added each month if interest is to be accrued monthly?

c. How long would the account take to reach $25 000 if the interest was added:

i. Every month

ii. Every day?

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Cambridge IGCSE And O Level Additional Mathematics

ISBN: 9781510421646

1st Edition

Authors: Val Hanrahan, Jeanette Powell

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Question Posted: Sep 02, 2021 01:08 AM

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a. $20 000 is invested in an account that pays interest at 2.4% per annum. The interest

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a Let y be the number of years the account is invested The value of the account after y years is ...View the full answer

Cambridge IGCSE And O Level Additional Mathematics

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