Assume simple interest between compoundings

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Reference no: EM131457886

Melissa deposits 4600 dollars in an account paying 10.5 percent interest convertible monthly. One year later, she withdraws 450 dollars. If there are no other transactions, how long will it take (since her original deposit) for her account balance to reach 8600 dollars? (Assume simple interest between compoundings, use the monthly interest rate in the simple interest formula, and assume that a month has 365/12 days.)

Answer = _____________ months and ______________ days.

(Note: your answer for the number of months should be a whole number, while your answer for the number of days should be a decimal approximation.)

Reference no: EM131457886

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