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A man plans to take a vacation in 2 years. He wants to buy a certificate of deposit for $1600 that he will cash
A man plans to take a vacation in 2 years. He wants to buy a certificate of deposit for $1600 that he will cash in for the trip. What is the minimum annual interest rate he must obtain on the certificate if he needs at least $2000 for the trip? Assume that the interest on the loan is computed using simple interest. The rate he must obtain is %. (Round to two decimal places as needed.)
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Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
9th Edition
73530700, 978-0073530703
