Julia Roberts deposits 4600 dollars in an account paying an effective rate of interest of 5.2 percent. Three years later, she withdraws 1500 dollars. If there are no other transactions, how long will it take (from the time of the first deposit) for her account balance to reach 8200 dollars? (Assume simple interest between compounding.)
Julia Roberts deposits 4600 dollars in an account paying an effective rate of interest of 5.2 percent. Three years later, she withdraws 1500 dollars. If there are no other transactions, how long will it take (from the time of the first deposit) for her account balance to reach 8200 dollars? (Assume simple interest between compounding.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Julia Roberts deposits 4600 dollars in an
account paying an effective rate of interest of
5.2 percent. Three years later, she withdraws
1500 dollars. If there are no other
transactions, how long will it take (from the
time of the first deposit) for her account
balance to reach 8200 dollars? (Assume
simple interest between compounding.)
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