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A major bank offers a credit card which can be used domestically and internationally. Data gathered over time indicate that the collection percentage for credit
A major bank offers a credit card which can be used domestically and internationally. Data gathered over time indicate that the collection percentage for credit issued in any month is an exponential function of the time since the credit was issued. Specifically, the function approximating this relationship is Where P equals the percentage of accounts receivable collected t months after the credit is granted. Use Newton-Raphson method to approximate that after how many months the collected amount will reach 16.676 %. Consider , and solve till tolerance level reaches less than 1x10^-5
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