Engineering Economy – Problem 1.37
To make CDs look more attractive than they really are, some banks advertise that their rates are higher
than their competitors’ rates; however, the fine print says that the rate is a simple interest rate. If a person deposits $10,000 at 10% per year simple interest, what compound interest rate would yield the same amount of money in 3 years?
Sample problems and notes are based on the following textbook: Engineering Economy 7th Edition
ISBN-13: 978-0073376301
ISBN-10: 0073376302
Edition: 7
Author: Leland Blank, Anthony Tarquin
Published Date: 2011
