Show that the yearly balances of an account whose interest is compounded monthly satisfy a linear iterative

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Show that the yearly balances of an account whose interest is compounded monthly satisfy a linear iterative system. How is the effective yearly interest rate determined from the original annual interest rate?

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Applied Linear Algebra

ISBN: 978-0131473829

1st edition

Authors: Peter J. Olver, Cheri Shakiban

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Question Posted: Jun 18, 2016 08:56 AM

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Show that the yearly balances of an account whose interest is compounded monthly satisfy a linear iterative

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If r is the yearly interest rate then u k1 1 r12 u k wher...View the full answer

Applied Linear Algebra

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