Jane deposits 10,000 USD and opens a deposit account at a bank. It will also deposit 6,000 USD one year later and 4,000 USD the following year. The deposit account is valued at the annual fixed effective interest rate of x%. Calculate the interest rate (x), if the value of the money in his account at the time Suat deposits 4,000 USD is 22,000 USD?
Jane deposits 10,000 USD and opens a deposit account at a bank. It will also deposit 6,000 USD one year later and 4,000 USD the following year. The deposit account is valued at the annual fixed effective interest rate of x%. Calculate the interest rate (x), if the value of the money in his account at the time Suat deposits 4,000 USD is 22,000 USD?
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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Jane deposits 10,000 USD and opens a deposit account at a bank. It will also deposit 6,000 USD one year later and 4,000 USD the following year. The deposit account is valued at the annual fixed effective interest rate of x%. Calculate the interest rate (x), if the value of the money in his account at the time Suat deposits 4,000 USD is 22,000 USD?
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