Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After24 years they have the same amount in their accounts. What is j₁?a. 1.91427%b. 1.89687%C. 1.84466%d. 1.75765%e. 1.74025%

Present Value: The present value (PV) is the present sum of the future payments. The future…

Answered: Melisandre deposits $500 in an account…

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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Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After 24 years they have the same amount in their accounts. What is j₁? a. 1.91427% b. 1.89687% c. 1.84466% d. 1.75765% e. 1.74025%