Answered: Julia Roberts deposits 4600 dollars in… | bartleby

CONCEPTS IN FED.TAX.,2020-W/ACCESS

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Question

3

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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