Question
Suppose you invest 2500 in a fund earning 10% simple interest. further suppose that you have the option at any time of closing this account
Suppose you invest 2500 in a fund earning 10% simple interest. further suppose that you have the option at any time of closing this account and opening an account earning compound interest at an annual effective rate of 7%. At what instant should you do so to maximize your accumulation at the end of 10 years
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Personal Finance Turning Money into Wealth
Authors: Arthur J. Keown
8th edition
134730364, 978-0134730363
