An account pays interest based on the length of time a deposit has been in the account:

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Question:

- 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If 10,000 is originally deposited and the account has grown to 14,067.08 when all funds are withdrawn, determine the number of days of simple interest paid?

Posted Date: May 13, 2024 12:18 AM

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An account pays interest based on the length of time a deposit has been in the account:

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To solve this problem we can break it down into two parts the portion of interest earned through com... View the full answer

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