Question: Question 2 (7 marks) Tom deposits $100 today plus another $300 five years later into his bank account earning simple interest of 11% per

Question 2 (7 marks) Tom deposits $100 today plus another $300 five

Question 2 (7 marks) Tom deposits $100 today plus another $300 five years later into his bank account earning simple interest of 11% per annum. On the other hand, Ann's bank quotes an annual effective interest rate of 9%. Ann will deposit $100 into her account t years from now, and another $300 will be deposited 2t years from now. The accumulated amount of Tom's deposits equals the accumulated amount of Ann's deposits, where the accumulated amounts are calculated 10 years from now. Given that 2t < 10, calculate the value of t.

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