Concept explainers
To find: the account balance after each year of the first five years.
Answer to Problem 30E
$2104, $2213.41, $2328.51, $2449.59 and $2576.97
Explanation of Solution
Given information:
Annual yield = 5.2%
Initial balance =$2000
Calculation:
Let the annual yield be
The equation of balance will be as follows:
The balance after each year for first five years can be evaluated as shown below.
Thus, the account balance after each year of the first five years is $2104, $2213.41, $2328.51, $2449.59 and $2576.97.
Chapter 12 Solutions
Advanced Mathematical Concepts: Precalculus with Applications, Student Edition
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