Question: Please answer number 2. Answer for number 1 is 5.5909 years Problem # 1: How many years does it take for a deposit of $1000

Please answer number 2. Answer for number 1 is 5.5909 years

Problem \# 1: How many years does it take for a deposit of $1000 to reach $2050 with an annual effective interest rate of 13.7% ? Problem \# 1: Answer correct to 4 decimals. 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

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