how, secol deposit ears. During the first 10 years, the account earns interest quoted at 10 years have passed, any money in the account earns a nominal of 30 years, the total value of the account will be $89602. What is
how, secol deposit ears. During the first 10 years, the account earns interest quoted at 10 years have passed, any money in the account earns a nominal of 30 years, the total value of the account will be $89602. What is
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
![An initial deposit of $8500 is made into an account now, and a second deposit of $16000 is made into the same
account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount
rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of
6.1%. At the end of 30 years, the total value of the account will be $89602. What is the value of d (to the nearest
0.1%)?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3b09d44f-1bc3-424e-81f2-820ff83653c9%2F87a18929-25c5-4c94-b39f-5337ceca904e%2Fg8ps50a_processed.png&w=3840&q=75)
Transcribed Image Text:An initial deposit of $8500 is made into an account now, and a second deposit of $16000 is made into the same
account after 15 years. During the first 10 years, the account earns interest quoted at a nominal quarterly discount
rate of d%. After 10 years have passed, any money in the account earns a nominal semi-annual interest rate of
6.1%. At the end of 30 years, the total value of the account will be $89602. What is the value of d (to the nearest
0.1%)?
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