Chapter 2: Simple Interest and Discount Question 2.10 A bank loans Jeff $1,000 at an annual simple discount rate of 5%. The bank requires that the loan must be repaid within 10 years. He puts the $1,000 into a fund that earns an annual simple interest rate of 6%. At time t, he withdraws the accumulated value in the fund and repays the loan, leaving him with $X : X=(Accumulatedvalueinfundattimet)(Accumulatedvalueofloanattimet) Jeff chooses t to maximize X. Calculate X. A 1,74 B 4.39 C 9.11 D 104.55 E 4,390.89 Chapter 2: Simple Interest and Discount Question 2.10 A bank loans Jeff $1,000 at an annual simple discount rate of 5%. The bank requires that the loan must be repaid within 10 years. He puts the $1,000 into a fund that earns an annual simple interest rate of 6%. At time t, he withdraws the accumulated value in the fund and repays the loan, leaving him with $X : X=(Accumulatedvalueinfundattimet)(Accumulatedvalueofloanattimet) Jeff chooses t to maximize X. Calculate X. A 1,74 B 4.39 C 9.11 D 104.55 E 4,390.89