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Problem 34.18 On January 1, 1997 an investment account is worth 100,000. On April 1, 1997 the value has increased to 103,000 and 8,000
Problem 34.18 On January 1, 1997 an investment account is worth 100,000. On April 1, 1997 the value has increased to 103,000 and 8,000 is withdrawn. On January 1, 1999 the account is worth 103,992. Assuming a dollar weighted method for 1997 and a time weighted method for 1998 the annual effective interest rate was equal to x for both 1997 and 1998. Calculate x.
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An Introduction to Analysis
Authors: William R. Wade
4th edition
132296381, 978-0132296380
