The Benevolent Company has agreed to lend you funds to complete the last year of your degree.
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The Benevolent Company has agreed to lend you funds to complete the last year of your degree. The Company will lend you $2,400 today, if you agree to repay a lump sum of $4,000 4 years from now. What is the approximate annual rate of interest that Benevolent is charging you? (Obj. 3)
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Related Book For 
Foundations of Finance The Logic and Practice of Financial Management
ISBN: 978-0132994873
8th edition
Authors: Arthur J. Keown, John D. Martin, J. William Petty
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