Question
Bank ZLX is marketing their new fund by noting that a fixed $300 monthly deposit in their fund should be expected to net $1,900,000 in
Bank ZLX is marketing their new fund by noting that a fixed $300 monthly deposit in
their fund should be expected to net $1,900,000 in 35 years. Assume the first deposit
is made at the end of this month. What effective annual rate (EAR) is Bank ZLX
expecting their new fund to return?
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Financial Markets And Institutions An Introduction To Risk Management Approach
Authors: Anthony Saunders, Marcia Cornett
3rd Edition
0073250937, 9780073250939
