{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

This preview shows pages 1–2. Sign up to view the full content.

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

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}