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Calculate the annual interest rate that a bank must pay on a Certificate of Deposit if a client deposited $1,000 and withdrew $10,000 in 25
Calculate the annual interest rate that a bank must pay on a Certificate of Deposit if a client deposited $1,000 and withdrew $10,000 in 25 years. Assuming the interest is compounded on a monthly basis. What are the time periods? What is the annual interest / discount rate? What is the payment amount? What is the Future Value? What is the Present Value? Round all answers to the nearest dollar. Please make sure to include the proper sign and use commas. Ex: Your answer should be 10,000 not 10000.25
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