Question
(Solving for r of an annuity) You lend a friend $40,000, which your friend will repay in 8 equal annual end-of-year payments of $9000, with
(Solving for r of an annuity) You lend a friend $40,000, which your friend will repay in 8 equal annual end-of-year payments of $9000, with the first payment to be received 1 year from now. What rate of return does your loan receive?
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Financial Markets And Institutions
Authors: Jeff Madura
6th Edition
0324162618, 978-0324162615
