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Suppose Valerie is a cinephile and buys only movie tickets. Valerie deposits $3,000 in a bank account that pays an annual nominal interest rate of 5%. Assume this interest rate is fixed—that is, it won't change over time. At the time of her deposit, a movie ticket is priced at $10.00.
Required:
1. Initially, the purchasing power of Valerie's $3,000 deposit is ___________ movie tickets.

Answer :

waylonhuber waylonhuber

Today at 2:21 PM

Answer:

Explanation:

3000*.05= 150 annual interest earned

150/365 == 41 Cents per day

10 dollars/ .41 Cents ==24.39 days

Round up to 24 Days

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