You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return?

8.93%

8.98%

9.13%

8.78%

8.68%

please provide explanation

Question

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years  What is your annual rate of return  8 93  8 98  9 13  8 78  8 68  please provide explanation

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Question

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return? 8.93%

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return?

8.93%

8.98%

9.13%

8.78%

8.68%

please provide explanation

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Step: 2

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Question

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return? 8.93%

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return? 8.93% 8.98% 9.13% 8.78% 8.68% please provide explanation

Step by Step Solution

Step: 1

Get Instant Access to Expert-Tailored Solutions

Step: 2

Step: 3

Ace Your Homework with AI

You just paid $1,020 for a security that claims it will pay you $2,000 in 8 years. What is your annual rate of return?

8.93%

8.98%

9.13%

8.78%

8.68%

please provide explanation