Question
$1,000 beginning of the quarter deposits will be made into an account for 13 years and 9 months ( 13.75 years ). What was the
$1,000 beginning of the quarter deposits will be made into an account for 13 years and 9 months (13.75 years). What was the interest rate compounded semi-annually associated with the account if there was $133,875.87 in the account at the end of the 13.75 years?
Step by Step Solution
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Step: 1
To calculate the interest rate compounded semiannually for the account based on the given information we can use the future value formula for an annui...
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Step: 2
Step: 3
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An Introduction to the Mathematics of financial Derivatives
Authors: Salih N. Neftci
2nd Edition
978-0125153928, 9780080478647, 125153929, 978-0123846822
