In 1899, William Miller established the Franklin Syndicate in New York. When investors joined the syndicate, they
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In 1899, William Miller established the Franklin Syndicate in New York. When investors joined the syndicate, they were promised a return of 10% each week. Miller encouraged members to reinvest their return to take advantage of the high interest. Why would Miller discourage investors from cashing out their profits? How is this scenario related to the idea of serviced and nonserviced debt?
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Miller borrowed funds up front promising a 10 return without actually servicing his debt For debt ...View the full answer
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