Question
Use the following information to answer the next two questions: John needs to grow the $4,720 he currently has to $18,880 in seven years. He
Use the following information to answer the next two questions: John needs to grow the $4,720 he currently has to $18,880 in seven years. He has found an investment that offers monthly compounding and an effective annual rate (EAR) of 14%
a. what is the periodic interest rate?
b. how long will it take to achieve the desired future value amount if investment is made
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Entrepreneurial Finance
Authors: Steven Rogers
4th Edition
1260461440, 978-1260461442
