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Mr. T deposits $10K in a CD earning P percent annual

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Mr. T deposits $10K in a CD earning P percent annual [#permalink] New post 27 Oct 2005, 08:02
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A
B
C
D
E

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Mr. T deposits $10K in a CD earning P percent annual interest compounded quarterly. What is the value of P?

1. During the term of the CD, he earns $18 more than he would if the interest were not compounded.
2. He withdrawls all the money 6 months after depositing it.
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 [#permalink] New post 27 Oct 2005, 08:13
C.

10 * (1.0025P)^2 - P - 0.05P = 18
solve for P
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 [#permalink] New post 27 Oct 2005, 08:21
C

from A alone, we have two unknowns, P and the length of deposit
from B we have the length of deposit

therefore P is solvable with A+B

10,000( (1+p/4)^2 - (1+p/2) ) = 18
  [#permalink] 27 Oct 2005, 08:21
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Mr. T deposits $10K in a CD earning P percent annual

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