ABSTRACT

In economics we come across many variables that grow, or decline, over time. A sum of money invested in a deposit account will grow as interest accumulates on it. The amount of oil left in an oil field will decline as production continues over the years. This chapter explains how mathematics can help answer certain problems concerned

Learning objectives

After completing this chapter students should be able to:

Calculate the final sum, the initial sum, the time period and the interest rate for an investment.