Question
Exactly 10 years ago you made a $1,000 deposit in a fixed interest rate savings account with semiannual compounding. As of today, you have accumulated
Exactly 10 years ago you made a $1,000 deposit in a fixed interest rate savings account with semiannual compounding. As of today, you have accumulated $500 in simple interest. Please, find the annual interest rate (APY) on your account. Express your answer as a percentage with 3 digits after the decimal point, but do not include the % sign.
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Public Finance
Authors: Harvey Rosen, Ted Gayer
10th edition
9781259716874, 78021685, 1259716872, 978-0078021688
