A bank lends a customer 5,000. At the end of ten years he repays this amount plus

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A bank lends a customer £5,000. At the end of ten years he repays this amount plus interest.

The amount he repays is £8,950. What is the rate of interest charged by the bank?

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Modern Financial Markets And Institutions

ISBN: 9780273730354

1st Edition

Authors: Glen Arnold

Question Posted: May 16, 2024 04:00 AM

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A bank lends a customer 5,000. At the end of ten years he repays this amount plus

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Modern Financial Markets And Institutions

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