paying simple interest of 11% per year. Julia will make the same two deposits, but the N$ 1 000 will be deposited t years from today and the NS 3 000 will be deposited 2t years from today. Julia's deposits earn an effective annual rate of 9.15%. At the end of 10 years, the accumulated amount of Julia's deposits equals the accumulated amount of Julius's deposits. Calculate t
paying simple interest of 11% per year. Julia will make the same two deposits, but the N$ 1 000 will be deposited t years from today and the NS 3 000 will be deposited 2t years from today. Julia's deposits earn an effective annual rate of 9.15%. At the end of 10 years, the accumulated amount of Julia's deposits equals the accumulated amount of Julius's deposits. Calculate t
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![3. Julius deposits N$ 1 000 today and another N$ 3 000 in five years into the fund that
paying simple interest of 11% per year. Julia will make the same two deposits, but
the N$ 1 000 will be deposited t years from today and the N$ 3 000 will be deposited
2t years from today. Julia's deposits earn an effective annual rate of 9.15%. At the
end of 10 years, the accumulated amount of Julia's deposits equals the accumulated
amount of Julius's deposits. Calculate t](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faddf308a-41bc-4755-99f4-f41bab817838%2F1e7ec771-cdc6-4afa-ac4f-87ca8380bb26%2F83sz6p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Julius deposits N$ 1 000 today and another N$ 3 000 in five years into the fund that
paying simple interest of 11% per year. Julia will make the same two deposits, but
the N$ 1 000 will be deposited t years from today and the N$ 3 000 will be deposited
2t years from today. Julia's deposits earn an effective annual rate of 9.15%. At the
end of 10 years, the accumulated amount of Julia's deposits equals the accumulated
amount of Julius's deposits. Calculate t
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