Question
An investment of $4000 invested for 3 years has an expected future value of $5200. The simple annual interest rate is closest to ______ and
An investment of $4000 invested for 3 years has an expected future value of $5200. The simple annual interest rate is closest to ______ and the compound annual interest rate is closest to ______.
8.37%; 7.69%
9.14%; 10%
7.69%; 8.37%
10%; 9.14%
EXPLAIN ALL THE STEPS PLEASE
THANK YOU!
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Introduces Quantitative Finance
Authors: Paul Wilmott
2nd edition
470319585, 470319581, 978-0470319581
