German TV and radio users pay an annual license fee of 200 euros. In 2008, the German
Chapter 6, Problem 11(choose chapter or problem)
German TV and radio users pay an annual license fee of 200 euros. In 2008, the German poet Friedrich Schiller, who died in 1805, was sent reminders to pay his license fee.5 (The reminders were sent to an elementary school named after Schiller, despite a teacher pointing out that the addressee is no longer in a position to listen to the radio or watch television.) Assume the license fee had been charged at a continuous rate of 200 euros per year since 1805 and that the continous interest rate was 3% per year over this period. If Schiller were charged the license fee, with interest, since his death, how much would he have owed by 2008?
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