Question: Problem #1: How many years does it take for a deposit of $1000 to reach $3750 with an annual effective interest rate of 12.9%? 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 $3750 with an annual effective interest rate of 12.9%?

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: 10.3413 Answer correct to 4 decimals

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