Question
( Solving for r of an annuity ) You lend a friend 40,000 , which your friend will repay in 5 equal annualend-of-year payments of
(Solving for r of an annuity) You lend a friend 40,000, which your friend will repay in 5 equal annualend-of-year payments of $12,000, with the first payment to be received 1 year from now. What rate of return does your loanreceive?
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Personal Finance
Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart
12th edition
1259720683, 978-1259720680
