If Crane Mooney invests $6,558.30 now and she will receive $10,500 at the end of 12 years, what annual rate of interest will Crane earn on her investment? (Hint: Use Table 3.) (Round answer to O decimal places, e.g. 25%.)
If Crane Mooney invests $6,558.30 now and she will receive $10,500 at the end of 12 years, what annual rate of interest will Crane earn on her investment? (Hint: Use Table 3.) (Round answer to O decimal places, e.g. 25%.)
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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Transcribed Image Text:If Crane Mooney invests $6,558.30 now and she will receive $10,500 at the end of 12 years, what annual rate of interest will Crane
earn on her investment? (Hint: Use Table 3.) (Round answer to O decimal places, e.g. 25%.)
Click here to view the factor table.
(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)
Annual rate of interest
%
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