Question
A businessman wishes to have an amount of P2769.84 after 5 years. He deposited P500 each year into a savings bank that pays a nominal
A businessman wishes to have an amount of P2769.84 after 5 years. He deposited P500 each year into a savings bank that pays a nominal interest per annum compounded continuously.
1. Compute the nominal rate of interest.
2. Compute the effective rate of interest.
3. Compute the sinking fund factor for this equal payment.
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Capital In The Twenty-First Century
Authors: Thomas Piketty, Arthur Goldhammer
1st Edition
067443000X, 9780674430006
