Revision as of 23:04, 26 November 2023 by Admin (Created page with "'''Solution: B''' <math display="block"> 2840=100(1+20 i)+100(1+19 i)+\cdots+100(1+i)=2000+i * 100(21)(20) / 2 \text { so } i=16.80 / 420=.04 </math> Using compound interest, accumulated amount is <math display="block"> 100 \ddot{s}_{\overline{20} \mid .04}=100 \frac{1.04^{21}-1.04}{.04}=3096.92 </math> '''References''' {{cite web |url=https://web2.uwindsor.ca/math/hlynka/392oldtests.html |last=Hlynka |first=Myron |website=web2.uwindsor.ca | title = University o...")
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Exercise

AAdmin
Nov 26'23

Answer

Solution: B

[[math]] 2840=100(1+20 i)+100(1+19 i)+\cdots+100(1+i)=2000+i * 100(21)(20) / 2 \text { so } i=16.80 / 420=.04 [[/math]]

Using compound interest, accumulated amount is

[[math]] 100 \ddot{s}_{\overline{20} \mid .04}=100 \frac{1.04^{21}-1.04}{.04}=3096.92 [[/math]]

References

Hlynka, Myron. "University of Windsor Old Tests 62-392 Theory of Interest". web2.uwindsor.ca. Retrieved November 23, 2023.

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