Calculate how much interest you would earn if you invested $15000 in a GIC that paid 3.1% compounded monthly for 5 years.
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Answer:
Step-by-step explanation:
<u>Solving Equations Using Successive Approximations</u>
We need to find the solution to the equation
where
The approximation has been already started and reached a state for x=2.5 where
The difference between the results is 0.25, we need further steps to reach a good solution (to the nearest tenth)
Let's test for x=2.4
The new difference is -0.2+0.24=0.04
It's accurate enough, thus the solution is