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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License. math exams: Question FM 11/21/2011 10:27

Saturday, November 26, 2011

Question FM 11/21/2011 10:27

A student wishes to accumulate $\$100,000$ in education fund at the end of 20 years. If he deposit $\$1000+X$ in the fund at the end of each of the first 10 years and $\$1000+2X$ in the fund of each of the second 10 years, find X if the fund earns $6\%$ effective per year.

Ans: $\frac{100,000-1000s_{\bar{20}}}{s_{\bar{20}}+s_{\bar{10}}}$

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