1. Melissa has saved $69,600.00. If she decides to withdraw $3,326.00 at the beginning of every month and interest is 7.03 % compounded annually, for how long can she make withdrawals? Express your answer in years and months (from 0 to 11 months). Her last withdrawal will occur____year(s) and ____month(s) from now. (Type whole numbers.)

2. A bank pays 4.8% compounded monthly on certain types of deposits. If interest is compounded quarterly, what nominal rate of interest will maintain the same effective rate of interest? The nominal rate of interest is _____%.

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1 To find out how long Melissa can make withdrawals with the given conditions 6960000 332600 dfrac1 ... View the full answer