Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(1 pt) Cicely invests 3200 dollars in an account paying an effective rate of interest of 5.9 percent. Two years later, she deposits an additional

(1 pt) Cicely invests 3200 dollars in an account paying an effective rate of interest of 5.9 percent. Two years later, she deposits an additional 1950 dollars. If there are no other transactions, how long will it take (from the time of the first investment) for her account balance to reach 10000 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

Principles of Finance

Authors: Scott Besley, Eugene F. Brigham

6th edition

9781305178045, 1285429648, 1305178041, 978-1285429649

More Books

Students also viewed these Finance questions

Question

Explain recruiting technology.

Answered: 1 week ago

Question

Define and operationalize types of employment discrimination.

Answered: 1 week ago

Question

Describe sexual harassment in the global environment.

Answered: 1 week ago