The compound interest rate per year that amounts of $1000 one year ago and $1345.60 one year
Question:
The compound interest rate per year that amounts of $1000 one year ago and $1345.60 one year hence are equivalent to is closest to:
(a) 8.5% per year
(b) 10.8% per year
(c) 20.2% per year
(d ) None of the above
Compound InterestCompound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
d Move both cash flows t...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
1+ Reviews
10+ Question Solved
Related Book For 
Question Posted:
