ORIE_3150_Homework__6_spring_2009_answers

ORIE_3150_Homework__6_spring_2009_answers - ORIE 3150...

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ORIE 3150 Homework #6 Due March 4, 2009 Please put your section number on your homework 1. Bruiser Corporation deposits $40,000 in cash into an interest-bearing account at the Tompkins Trust, earning a nominal, annual rate of 2.3%, compounded monthly. How many months, to the nearest integer month, must the deposit remain in the bank earning interest to grow to $80,000, assuming no other deposits or withdrawals? ( 29 ( 29 362 12 023 . 0 1 ln 2 ln i 1 ln PV FV ln n = + = + = Note: You should key in 0.023, divide by 12, add 1, then take the log. Quite a few students took 0.023, divided by 12, then wrote down the answer, rounded it to 0.0019, then punched this number in and calculated 365. This is not an accurate answer. You may wish to consider switching to a Hewlett Packard calculator, or another brand using the RPN entry system. Texas Instruments calculators are by far #1 in the student calculator market not by virtue of their ease of accurate use, but because of their excellent marketing campaign targeting middle school and high school mathematics and science teachers. 2.
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This note was uploaded on 04/19/2009 for the course ORIE 315 taught by Professor Callister during the Spring '08 term at Cornell University (Engineering School).

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ORIE_3150_Homework__6_spring_2009_answers - ORIE 3150...

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