For R1 000 you can purchase a 5-year ordinary annuity that will pay you a yearly payment
Fantastic news! We've Found the answer you've been seeking!
Question:
For R1 000 you can purchase a 5-year ordinary annuity that will pay you a yearly payment of R263.80 for 5 years. The compound annual interest rate implied by this arrangement is closest to:
a)9%
b)8%
c)10%
d)11%
Posted Date: