Question
Q19 Jack needs $6300 in 6 years from today to buy a holiday. He invests $2200 today. Find the effective annual rate of interest that
Q19
Jack needs $6300 in 6 years from today to buy a holiday. He invests $2200 today. Find the effective annual rate of interest that Jack needs to earn on this amount (as a %, 2 decimal places) in order to reach his goal. (Solve using excel =RATE function; Answer in percentage to two decimals without the % sign e.g. 1.888 is 1.89)
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
4th Edition
0077262379, 978-0077262372
