How long would you have to wait for a deposit of $1,625 to earn $34 in interest? Assume that the account earns a simple interest rate of 6.75% per annum. Express your answer in months to two decimal places.

How long would you have to wait for a deposit of $1,625 to earn $34 in interest? Assume that the account earns a simple interest rate of 6.75% per annum. Express your answer in months to two decimal places.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 1P

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How long would you have to wait for a deposit of $1,625 to earn $34 in interest?
Assume that the account earns a simple interest rate of 6.75% per annum.
Express your answer in months to two decimal places.
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