A prize fund is set up with a single investment of $5000 to provide an annual prize
Question:
A prize fund is set up with a single investment of $5000 to provide an annual prize of $500. The fund is invested to earn interest at a rate of 7% compounded annually. If the first prize is awarded one year after the initial investment, find the number of years for which the prize can be awarded before the fund falls below $500.
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At the end of the first year the value of the fund after the first prize is awarded ...View the full answer
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Sumit kumar
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QUATERNARY Pursuing M.Tech.(2017-2019) in Electronics and Communication Engg. (VLSI DESIGN) from
GNIOT Greater Noida
TERTIARY B.Tech. (2012-2016) in Electronics and Communication Engg. from GLBITM Greater Noida
SECONDARY Senior Secondary School Examination (Class XII) in 2012 from R.S.S.Inter College, Noida
ELEMENTARY Secondary School Examination (Class X) in 2010 from New R.J.C. Public School ,Noida
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