Question
Peter invests $10,000 in an account earning simple interest. At the end of 10 years, Peter has $20,000. Mary invests $10,000 in an account earning
Peter invests $10,000 in an account earning simple interest. At the end of 10 years, Peter has $20,000. Mary invests $10,000 in an account earning compound interest. The annual effective interest rate that Peter earns is equal to the annual effective interest rate that Mary earns. Determine the amount that Mary has in her account at the end of 10 years.
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Finance For Executives Managing For Value Creation
Authors: Gabriel Hawawini, Claude Viallet
7th Edition
1473778913, 978-1473778917
