Question: Problem #1: How many years does it take for a deposit of $1000 to reach $2600 with an annual effective interest rate of 10.6%? Problem

Problem #1: How many years does it take for a deposit

Problem #1: How many years does it take for a deposit of $1000 to reach $2600 with an annual effective interest rate of 10.6%? Problem #1: 9.4840 Answer correct to 4 decimals. Submit Problem #1 for Grading Just Save Attempt #3 Attempt #5 Problem #1 Attempt #1 Attempt #2 Attempt #4 Your Answer: 9.4840 Your Mark: 2/2 v 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: Answer correct to 4 decimals. Submit Problem #2 for Grading Just Save Attempt #3 Attempt #5 Problem #2 Attempt #1 Attempt #2 Attempt #4 Your Answer: 10.1674 Your Mark: 0/2X

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