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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Contemporary Economics An Applications Approach
Authors: Robert Carbaugh
8th Edition
1138652199, 978-1138652194
