Suppose Katy borrowed some amount of money for 98 weeks and Anastasia borrowed the same amount. Katy's loan used the simpl interest model with an annual rate of 5.3% while Anastasia's loan used the simple discount model with an annual discount of 9.3%. At end of their respective terms, Katy's maturity value was $5,861 while Anastasia's was $6,098. How many weeks was Anastasia's loan f Round your answer to the nearest week.
Suppose Katy borrowed some amount of money for 98 weeks and Anastasia borrowed the same amount. Katy's loan used the simpl interest model with an annual rate of 5.3% while Anastasia's loan used the simple discount model with an annual discount of 9.3%. At end of their respective terms, Katy's maturity value was $5,861 while Anastasia's was $6,098. How many weeks was Anastasia's loan f Round your answer to the nearest week.
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:Suppose Katy borrowed some amount of money for 98 weeks and Anastasia borrowed the same amount. Katy's loan used the simple
interest model with an annual rate of 5.3% while Anastasia's loan used the simple discount model with an annual discount of 9.3%. At the
end of their respective terms, Katy's maturity value was $5,861 while Anastasia's was $6,098. How many weeks was Anastasia's loan for?
Round your answer to the nearest week.
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