Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(1 point) Julia Roberts deposits 3300 dollars in an account paying an effective rate of interest of 4.6 percent. Three years later, she withdraws 1050

image text in transcribed

(1 point) Julia Roberts deposits 3300 dollars in an account paying an effective rate of interest of 4.6 percent. Three years later, she withdraws 1050 dollars. If there are no other transactions, how long will it take (from the time of the first deposit) for her account balance to reach 8200 dollars? (Assume simple interest between compoundings.) Answer = years and days. (Note: your answer for the number of years should be a whole number, while your answer for the number of days should be given to at least 3 decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions

Question

outline some of the current issues facing HR managers

Answered: 1 week ago