A scholarship fund is set up with a single investment of $20000 to provide an annual scholarship of $1500. The fund accrues investment at 5% per annum paid yearly. If the first scholarship is awarded one year after the investment, find the number of year for which the full scholarship can be awarded.
2007-09-13 23:42:57 · 1 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
22 years
year 1 - income 1,000
payout 1,500
balance 19,500
year 2 - income 975
payout 1,500
balance 18,975
Year b/f income payout c/f
1 20,000.00 1,000.00 1,500.00 19,500.00
2 19,500.00 975.00 1,500.00 18,975.00
3 18,975.00 948.75 1,500.00 18,423.75
4 18,423.75 921.19 1,500.00 17,844.94
5 17,844.94 892.25 1,500.00 17,237.18
6 17,237.18 861.86 1,500.00 16,599.04
7 16,599.04 829.95 1,500.00 15,929.00
8 15,929.00 796.45 1,500.00 15,225.45
9 15,225.45 761.27 1,500.00 14,486.72
10 14,486.72 724.34 1,500.00 13,711.05
11 13,711.05 685.55 1,500.00 12,896.61
12 12,896.61 644.83 1,500.00 12,041.44
13 12,041.44 602.07 1,500.00 11,143.51
14 11,143.51 557.18 1,500.00 10,200.68
15 10,200.68 510.03 1,500.00 9,210.72
16 9,210.72 460.54 1,500.00 8,171.25
17 8,171.25 408.56 1,500.00 7,079.82
18 7,079.82 353.99 1,500.00 5,933.81
19 5,933.81 296.69 1,500.00 4,730.50
20 4,730.50 236.52 1,500.00 3,467.02
21 3,467.02 173.35 1,500.00 2,140.37
22 2,140.37 107.02 1,500.00 747.39
2007-09-14 01:01:15 · answer #1 · answered by Beardo 7 · 0⤊ 0⤋