Assuming you do not make any other deposits or withdrawals

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Reference no: EM131949198

1. "If you deposit $3,900 now at a 6% annual interest rate, how many years (to the nearest year) until you have $7,700, assuming you do not make any other deposits or withdrawals? (Enter your answer as an integer.)"

2. "You have an offer of receiving $12,302 at the end of 6 years or P dollars today. If you receive P dollars today, you plan on depositing the amount in a bank that pays 2% interest. What value of P would make you indifferent in your choice between P dollars today and receiving $12,302 at the end of 6 years? "

Reference no: EM131949198

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