Question
A person invests $ 5000 every month in a bank with 12% annual inflation rate. The bank pays a nominal 24% interest rate, monthly compounded.
A person invests $ 5000 every month in a bank with 12% annual inflation rate. The bank pays a nominal 24% interest rate, monthly compounded. What is the Todays Dollars power equivalent of the money accumulated at the end of the 5th year? What is the annual real profitability rate?
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Investments
Authors: Zvi Bodie, Alex Kane, Alan Marcus, Lorne Switzer, Maureen Stapleton, Dana Boyko, Christine Panasian
9th Canadian Edition
1259271935, 9781259271939
