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Assume that 4 years from now you will need $1,000. Your bank compounds interest at an 8% annual rate. Suppose you can deposit only $186.29
Assume that 4 years from now you will need $1,000. Your bank compounds interest at an 8% annual rate. Suppose you can deposit only $186.29 each at the end of Years 1 through 4, but you still need $1,000 at the end of Year 4. What interest rate, with annual compounding, is required to achieve your goal? . .. . .
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