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2 years ago

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Problem 5-1 Simple Interest versus Compound Interest [LO1] First City Bank pays 8 percent simple interest on its savings account

balances, whereas Second City Bank pays 8 percent interest compounded annually. If you made a $68,000 deposit in each bank, how much more money would you earn from your Second City Bank account at the end of 8 years

1 answer:

Anna71 [15]2 years ago

7 0

Answer:

$14,343.25

Explanation:

The computation is shown below;

For the first bank

The value of investment is

= $68,000 × 8% × 8 + $68,000

= $111,520

For the second bank

= $68,000 × (1 + 0.08)^8

= $125,863.25

So, the difference in these both amount should be

= $125,863.25 - $111,520

= $14,343.25

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* 15th September:

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A body in the solar system has a period of 10,759.22 days and a perihelion speed of 10.18 km/s. a. Calculate the aphelion radius

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Answer:

Explanation:

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Therefore, $T^2 = ca^3$

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However, if the body in the solar system has a period of 10.759.22 days, then, a =?

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$T^2 = ca^3$

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Using the formula

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$v ^2= GM ( \dfrac{2}{r}-\dfrac{1}{a})$

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Similarly, the perihelion is expressed by the equation,

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∴

$1.349 \times 10^{12} = 1.425 \times 10^{12} ( 1 - e)$

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$-7.6\times 10^{10}= - 1.425 \times 10^{12} (e)$

$\dfrac{-7.6\times 10^{10}}{- 1.425 \times 10^{12}}= (e)$

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$r = 1.425 \times 10^{12} ( 1 + 0.0533)$

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to nautical miles, we have:

$r = 1.50 \times 10^{12} \times 0.00054 \ nautical \ mile$

radius of aphelion $\mathbf{r = 8.10 \times 10^8}$ nautical miles

In respect to the value of a( i.e $1.4275 \times 10^9 \ km)$

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