Question
An initial investment of $18,500 grows to $902,750 over the course of 40 years. The annual interest rate is 10.25% for the first 15 years
An initial investment of $18,500 grows to $902,750 over the course of 40 years. The annual interest rate is 10.25% for the first 15 years and 6.15% for the last 15 years. What is the annual interest rate for the middle 10 years?
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
