Only need help with problem 2 and the problem 1 answer is 7.4804. Problem...
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Only need help with problem 2 and the problem 1 answer is 7.4804.
Problem \#1: How many years does it take for a deposit of $1000 to reach $2350 with an annual effective interest rate of 12.1% ? 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: Answer correct to 4 decimals
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