Question
Clara would like to have $5500 in ten years to give her granddaughter as a twenty-first birthday present. She has $2600 to invest in a
Clara would like to have $5500 in ten years to give her granddaughter as a twenty-first birthday present. She has $2600 to invest in a ten-year certificate of deposit. What rate of interest compounded annually must the CD earn?
The annual interest rate, r, would have to be appoximately:
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Entrepreneurial Finance
Authors: Denise Lee
1st Edition
1948426129, 9781948426121
