Show Numerically That a Savings Account with a Current Balance

question 76

Essay

Show numerically that a savings account with a current balance of $1,000 that earns interest at 9 percent annually is precisely sufficient to make the payments on a three-year loan of $1,000 that carries equal annual payments at 9 percent interest.

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Definitions:

RTO Timers

Retentive Timer On; a type of timer in PLC programming that retains its accumulated value even after the controlling input is de-energized.

TOF Timer

"Timer Off-Delay," an instruction in PLCs where the timer starts counting when the input signal turns off, executing an action after the delay period ends.

TON Timer

In PLC programming, it stands for "Timer On Delay", which starts timing when the input condition becomes true and triggers an output after a set time period has elapsed.

Accumulated Time

The total amount of time collected or summed up over a period, often used in scheduling or process control scenarios.