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Floyd Ferris invested $3000 into an account five years ago and he made payments of 500 to the account at the end of each quarter. Today his account has grown to have a balance of $15,927.50. Given that his account offered monthly compounding of interest the APR on this account is closest

Floyd Ferris invested $3000 into an account five years ago and he made payments of 500 to the account at the end of each quarter. Today his account has grown to have a balance of $15,927.50. Given that his account offered monthly compounding of interest the APR on this account is closest

Essentials Of Investments
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
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Floyd Ferris invested $3000 into an account five years ago and he made payments of 500 to the account at the end of each quarter. Today his account has grown to have a balance of $15,927.50. Given that his account offered monthly compounding of interest, the APR on this account is closest to: O 5.25% O 6.63% O 5.40% O 5.74%
Transcribed Image Text:Floyd Ferris invested $3000 into an account five years ago and he made payments of 500 to the account at the end of each quarter. Today his account has grown to have a balance of $15,927.50. Given that his account offered monthly compounding of interest, the APR on this account is closest to: O 5.25% O 6.63% O 5.40% O 5.74%
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