Question: Please help me to solve problem #2. Thank you! Problem #1: How many years does it take for a deposit of $1000 to reach $2550

Please help me to solve problem #2. Thank you!

Problem #1: How many years does it take for a deposit of $1000 to reach $2550 with an annual effective interest rate of 11.8%? Problem #1: 8.3923 Answer correct to 4 decimals. Just Save Your work has been saved! (Back to Admin Page). Submit Problem #1 for Grading Attempt #2 Attempt #3 Attempt #4 Attempt #5 Problem #1 Your Answer: Your Mark: Attempt #1 8.3923 2/2 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: 3487.1039 Answer correct to 4 decimals. Just Save Your work has been saved! (Back to Admin Page) Submit Problem #2 for Grading Attempt #2 Attempt #3 Attempt #4 Attempt #5 Problem #2 Your Answer: Your Mark: Attempt #1 3487.1039 0/2x

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