Problem #1: How many years does it take for a deposit of $1000 to reach $4000...

 

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Problem #1: How many years does it take for a deposit of $1000 to reach $4000 with an annual effective interest rate of 13.3%? Problem = 1: 11.1020 Problem #2: Just Save Problem #1 Your Answer: Your Mark: 11.3806 Just Save Problem #2: Redo Problem #1 above, compounding for each complete year, but using simple interest for any remaining fraction of a year at the end. (This is what is actually done in practice.) Problem #2 Your Answer: Your Mark: Answer correct to 4 decimals. Submit Problem #1 for Grading Attempt #1 Attempt #2 Attempt #3 11.1020 2/2 √ Attempt #1 0.67 0/2X Answer correct to 4 decimals. Submit Problem #2 for Grading Attempt #4 Attempt #5 Attempt #2 4002.9581 0/2X Attempt #3 Attempt =4 11.3806 0/2X Attempt = 5 K Problem #1: How many years does it take for a deposit of $1000 to reach $4000 with an annual effective interest rate of 13.3%? Problem = 1: 11.1020 Problem #2: Just Save Problem #1 Your Answer: Your Mark: 11.3806 Just Save Problem #2: Redo Problem #1 above, compounding for each complete year, but using simple interest for any remaining fraction of a year at the end. (This is what is actually done in practice.) Problem #2 Your Answer: Your Mark: Answer correct to 4 decimals. Submit Problem #1 for Grading Attempt #1 Attempt #2 Attempt #3 11.1020 2/2 √ Attempt #1 0.67 0/2X Answer correct to 4 decimals. Submit Problem #2 for Grading Attempt #4 Attempt #5 Attempt #2 4002.9581 0/2X Attempt #3 Attempt =4 11.3806 0/2X Attempt = 5 K

Answer rating: 100% (QA)

1 To solve this problem we can use the formula for compound interest A P1 rn Where A is the amount of money accumulated after n years including intere... View the full answer