An account pays simple interest as follows: . 6% for the first 60 days 3%...
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An account pays simple interest as follows: . 6% for the first 60 days " 3% thereafter. An individual who deposited 100 in his account got back 102. How long did his investment last? Another individual made a similar investment in an account paying a constant interest rate T. What is the value of T? An account pays simple interest as follows: . 6% for the first 60 days " 3% thereafter. An individual who deposited 100 in his account got back 102. How long did his investment last? Another individual made a similar investment in an account paying a constant interest rate T. What is the value of T?
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Lets break down the problem into two parts Part 1 Calculate the time duration for the first individu... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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