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    Been given this question for homework and not sure how to do it:
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    This is a simple compound interest problem, simply take the percent change (in decimal form) so in this instance it would be 1.09 for 9% then raise this to the power of how many years have passed. So 1.09^(18-13) = 1.09^5 this will yield the total percentage increase of the lump sum.
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    (Original post by Bernie2016)
    This is a simple compound interest problem, simply take the percent change (in decimal form) so in this instance it would be 1.09 for 9% then raise this to the power of how many years have passed. So 1.09^(18-13) = 1.09^5 this will yield the total percentage increase of the lump sum.
    Thank you so much! Was given on recurrence relation homework sheet and worth 4 marks so I assumed it would have been more complex
 
 
 
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Updated: October 10, 2017
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