Bank ATM Fees and Interest - 22199

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  • Due on: Fri 09 Aug, 2013 (02:59pm)
  • Asked on: Fri 09 Aug, 2013
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Using a spreadsheet program or calculator, solve Tracy's problem of how often to go to tlhe ATM  when the nominal interest rate on her bank account is 10 percent, she spends $30 each day, it costs her $0.50 each time she uses the ATM, and she thinks that there is a 15 percent chance that she will lose her cash or have it stolen. Under these conditions, how often does Tracy go to the ATM, and how much cash does she take out each time?

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