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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Transcribed Image Text:NOTE. – Hereafter, the unqualified word interest will always refer to
compound interest. If a transaction extends over more than 1 year, compound
interest should be used. If the time involved is less than 1 year, simple
interest generally is used.
Transcribed Image Text:3. Find the compound amount on $3,000,000 after 16 years and
3 months, if the rate is (.06, m =
- 4).
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