Question
At the beginning of each quarter, you manage to deposit $24,400 in a savings account. At the end of the 16th quarter, you will have
At the beginning of each quarter, you manage to deposit $24,400 in a savings account. At the end of the 16th quarter, you will have exactly $423,000 in your account. If the bank compounds interest quarterly, what nominal annual interest rate will you be earning?
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
8th edition
978-1259569197
