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An account pays interest based on the length of time a deposit has been in the account: each full year earns an annual compounding interest
An account pays interest based on the length of time a deposit has been in the account: each full year earns an annual compounding interest rate of 8%, and any remaining partial year earns an annual simple interest rate of 8%. The simple interest is based on a 365-day year. If 10,000 is originally deposited and the account has grown to 14,067.08 when all funds are with- drawn, determine the number of days of simple interest paid. a. 154 b. 152 c. 151 d. 153 e. 155
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