Question
Terry needs to grow the $4,390 he currently has to $17,560 in ten years. He has found an investment that offers daily compounding and an
Terry needs to grow the $4,390 he currently has to $17,560 in ten years. He has found an investment that offers daily compounding and an effective annual rate (EAR) of 14%. What is the periodic interest rate? (Remember a periodic interest rate is defined as: APR/m) How long will it take to achieve the desired future value amount if this investment is made? Will he reach his goal in time at the specified interest rate?
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Public Finance In Canada
Authors: Harvey S. Rosen, Wen, Snoddon
4th Canadian Edition
0070071837, 978-0070071834
