Mathematics, 06.03.2020 21:31 calvarado12
Chris makes annual deposits into a bank account at the beginning of each year for 20 years. Chris’ initial deposit is equal to 100, with each subsequent deposit k% greater than the previous year’s deposit. The bank credits interest at an annual effective rate of 5%. At the end of 20 years, the accumulated amount in Chris’ account is equal to 7,276.35. Given k > 5, calculate k.
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Chris makes annual deposits into a bank account at the beginning of each year for 20 years. Chris’ i...
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