Susan deposits $2000 into a bank account that pays interest at the following rates: an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per...


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Susan deposits $2000 into a bank account that pays interest at the<br>following rates:<br>an effective rate of interest of 4% per annum for the first<br>three months,<br>an effective rate of interest of 2.5% per annum for the<br>following eight months, and<br>• an effective rate of interest of 3% per annum thereafter.<br>(a)<br>Calculate, correct to 2 decimal places, the accumulated value of<br>Susan's deposit after exactly 6 months have elapsed.<br>(b)<br>Calculate the least integer number of months she must leave that<br>$2000 in the account for it to grow to at least $2200.<br>

Extracted text: Susan deposits $2000 into a bank account that pays interest at the following rates: an effective rate of interest of 4% per annum for the first three months, an effective rate of interest of 2.5% per annum for the following eight months, and • an effective rate of interest of 3% per annum thereafter. (a) Calculate, correct to 2 decimal places, the accumulated value of Susan's deposit after exactly 6 months have elapsed. (b) Calculate the least integer number of months she must leave that $2000 in the account for it to grow to at least $2200.

Jun 07, 2022
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