3-57 Bart wishes to tour the country with his friends. To do this, he is saving money...
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3-57 Bart wishes to tour the country with his friends. To do this, he is saving money for a bus.
(a) How much money must Bart deposit in a savings account paying 8% nominal annual interest, com pounded continuously, in order to have $8000 in 41/2 years?
(b) A friend offers to repay Bart $8000 in 41/2 years if Bart gives him $5000 now. Assuming contin uous compounding, what is the nominal annual interest rate of this offer?
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Ali Khawaja
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Related Book For 
Engineering Economic Analysis
ISBN: 9780357419687
11th Edition
Authors: Donald Newnan, Ted Eschenbach, Jerome Lavelle
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