sequence and series qs (1 Viewer)

[nocturne_89]

Adam sets up a prize fund with a single investment of $10 000 to provide his students with annual prizes to a total value of $500. The fund accruses interest at the rate of 8% p.a. compounding annually.

(i) At the end of the 10th year, after 10 annual prizes have been awarded, Adam decided to increase the total value of the prizes to $1000. For how many more years can the prize fund be used to award the annual prizes.


Thanks in advance!

 

[jyu]

Adam sets up a prize fund with a single investment of $10 000 to provide his students with annual prizes to a total value of $500. The fund accruses interest at the rate of 8% p.a. compounding annually.

(i) At the end of the 10th year, after 10 annual prizes have been awarded, Adam decided to increase the total value of the prizes to $1000. For how many more years can the prize fund be used to award the annual prizes.


Thanks in advance!

:wave: