Eric is planning to save $47.17 every month for 4 years. He plans to make his...
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Eric is planning to save $47.17 every month for 4 years. He plans to make his first savings contribution in 1 month from today. If he currently has $901.00 saved and expects to have $3,981.10 in 4 years from today, then what is the EAR that he expects to earn? Eric is planning to save $47.17 every month for 4 years. He plans to make his first savings contribution in 1 month from today. If he currently has $901.00 saved and expects to have $3,981.10 in 4 years from today, then what is the EAR that he expects to earn?
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Heres how to calculate the Effective Annual Rate EAR that Eric expects to earn on his savings 1 T... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date:
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