An investor was afraid that he would become like King Lear in his retirement and beg hospitality from his children, so he purchased grain "tithes," or shares in farm output, for 540 pounds. The tithes paid him 65 pounds per year for 31 years. What interest rate did the he receive on this investment? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Interest rate %
An investor was afraid that he would become like King Lear in his retirement and beg hospitality from his children, so he purchased grain "tithes," or shares in farm output, for 540 pounds. The tithes paid him 65 pounds per year for 31 years. What interest rate did the he receive on this investment? Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16. Interest rate %
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:An investor was afraid that he would become like King Lear in his retirement and beg hospitality from his children, so he purchased
grain "tithes," or shares in farm output, for 540 pounds. The tithes paid him 65 pounds per year for 31 years. What interest rate did the
he receive on this investment?
Note: Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.
Interest rate
%
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