(2) Marianne deposits $2,000 in a five-year certificate of deposit. At maturitythebalance is $2,580.64. Find the annual effective rate of interest governing theaccount.

Answered: (2) Marianne deposits $2,000 in a…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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(2) Marianne deposits $2,000 in a five-year certificate of deposit. At maturity the balance is $2,580.64. Find the annual effective rate of interest governing the account.