Question
You deposit $18,000 into a bank account and wait for 10 years. During the same time you deposit an additional $50 a month into the
You deposit $18,000 into a bank account and wait for 10 years. During the same time you deposit an additional $50 a month into the bank account for the entire 10 years. If you receive $35,000 from the bank at the end of the 10 years and assuming the interest rate is compounded monthly, what must be the approximate annual interest rate this bank is giving you?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
