Question
Wendy would like to save $15,000 over the next 10 years. In order to accomplish this goal, she is depositing $110 at the beginning of
Wendy would like to save $15,000 over the next 10 years. In order to accomplish this goal, she is depositing $110 at the beginning of every month into an account with an interest rate that compounds monthly.
- What nominal rate of interest did Wendy earn?
- What is the effective rate of interest? The answer only is acceptable. No work has to be shown.
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
Concise 6th Edition
324664559, 978-0324664553
