Question
a. A loan has a stated annual rate of 12.06% . If loan payments are made monthly and interest is compounded monthly, what is the
a. A loan has a stated annual rate of 12.06% . If loan payments are made monthly and interest is compounded monthly, what is the effective annual rate of interest?
b. You invest $229.00at the beginning of every year and your friend invests$229.00at the end of every year.If you both earn an annual rate of return of7.51% , how much more money will you have after 14.0years?
c. You currently have$656.00in a retirement Savings account that earns an annual return of11.79% .You want to retire in40.0years with 1,000,000. How much more do you need to Save at the end of every year to reach your retirement goal?
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