ORIE_3150_Homework__6_spring_2009_answers - ORIE 3150...

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

View Full Document Right Arrow Icon
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.
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

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).

Page1 / 6

ORIE_3150_Homework__6_spring_2009_answers - ORIE 3150...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online