Question
Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of $1000 into an ordinary annuity.
Use graphical approximation techniques or an equation solver to approximate the desired interest rate. A person makes annual payments of $1000 into an ordinary annuity. At the end of 5 years, the amount in the annuity is 5758.78 What annual nominal compounding rate has this annuity earned?
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Entrepreneurial Finance Finance For Small Business
Authors: Philip J. Adelman
1st Edition
0138129835, 9780138129835
