A student requires K24, 000,000 to clear an outstanding balance before graduating in four (4) years time. How much should he invest EACH YEAR END at 12% compounded annually for him to have the required amount to pay the school at the end of the two years?
A student requires K24, 000,000 to clear an outstanding balance before graduating in four (4) years time. How much should he invest EACH YEAR END at 12% compounded annually for him to have the required amount to pay the school at the end of the two years?
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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c.A student requires K24, 000,000 to clear an outstanding balance before graduating in four (4) years time. How much should he invest EACH YEAR END at 12% compounded annually for him to have the required amount to pay the school at the end of the two years?
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