Question
yOU HAVE JUST RECEIVED AN ENDOWMENT AND PLACED THIS MONEY INTO A SAVINGS ACCOUNT AT AN ANNUAL RATE OF 9.56%. YOU ARE GOING TO WITHDRAW
yOU HAVE JUST RECEIVED AN ENDOWMENT AND PLACED THIS MONEY INTO A SAVINGS ACCOUNT AT AN ANNUAL RATE OF 9.56%. YOU ARE GOING TO WITHDRAW THE FOLLOWING CASH FLOWS FOR THE NEXT FIVE YEARS.
END OF YEAR
$3,494
$5,862
$5,865
$1,039
$11,977
hOW MUCH OF THE ENDOWMENTTHAT YOU RECEIVED?
ROUND THE ANSWER TO TWO DECIMAL PLACES
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Fundamentals of Futures and Options Markets
Authors: John C. Hull
8th edition
978-1292155036, 1292155035, 132993341, 978-0132993340
