Question
A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000, how much will this deposit be worth 12
A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000, how much will this deposit be worth 12 years later?
Use the recurrence expression formula to solve this.
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
