A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,

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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

ISBN: 978-1305108042

11th edition

Authors: Ronald J. Harshbarger, James J. Reynolds

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Posted Date: Jun 02, 2021 06:35 AM

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A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,

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Mathematical Applications for the Management Life and Social Sciences

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