r0, 5 = 50% (1 + r5)5 = 1.50 r5 = 1.501/5 1 8.45%.
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r0, 5
= 50% (1 + r5)5 = 1.50 ⇒ r5
= 1.501/5 − 1 ≈ 8.45%.
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