Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1.. math of interest. please solve correctly Devi wants to save $313,000.00 to buy a new sports car. She makes deposits of $2,822.30 every year
1.. math of interest. please solve correctly
Devi wants to save $313,000.00 to buy a new sports car. She makes deposits of $2,822.30 every year into an investment account (at the end of each period) and it takes 35 periods to reach the target amount. What nominal interest rate i(1) does her investment account pay? (Answer to the nearest 0.1% ) a. i=5.4875%. b. i=5.6375%. c. i=6.1875% d. i=5.9775% e. i=5.7375% Certainty : C=1 (Unsure: C=2 (Mid: >67%)C=3 (Quite sure: >80% )Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started