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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Question
A person just invested $475 in a security that pays $85 per year for eleven years; the first payment is in one year. Find the person's return.
Expert Solution
Step 1
Annuity is the number of payments which are equal in size and made in equal interval of time. Person gets an accumulated amount at maturity.
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