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Calculate Z for Cheryl

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At time 0, Cheryl deposits X into a bank account that credits interest at an annual effective rate of 4.1%. At time 3, Gomer deposits 740 into a different bank account that credits simple interest at an annual rate of y%.

At time 7, the annual forces of interest on the two accounts are equal, and Gomer's account has accumulated to Z.

Problem 1: Calculate Z.

a) 840

b) 860

c) 880

d) 900

e) 920

Reference no: EM132643779

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