Question
Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $5700 in
Find the effective annual rate of interest (as a %, 2 decimal places) at which an amount of $2,000 today will accumulate to $5700 in 8 years. (Solve using excel =RATE function; Answer in percentage rounded to two decimals without the % sign e.g. 1.8891 is 1.89)
Answer:
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Fundamentals Of Corporate Finance
Authors: David W Blackwell, Robert Parrino, David S Kidwell
1st Edition
0471270563, 9780471270560
