Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(1 point) Julia Roberts deposits 4300 dollars in an account paying an effective rate of interest of 4.5 percent. Three years later, she withdraws 1400
(1 point) Julia Roberts deposits 4300 dollars in an account paying an effective rate of interest of 4.5 percent. Three years later, she withdraws 1400 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 8600 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started