The answer in the book is 7 years and 128 days. How? Thank you. 8. In how many years and days should a singlepayment of $2000 be made in order to beequivalent to payments of $500 now and $800in 3 years if interest is j = 8% and simpleinterest is allowed for part of a year?

Simple interest is the interest without compounding that means there is no interest on the interest.

Answered: n how many years and days should a…

n how many years and days should a singl payment of $2000 be made in order to be =quivalent to payments of $500 now and $8 n 3 years if interest is j = 8% and simple %3D

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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The answer in the book is 7 years and 128 days. How? Thank you.

8. In how many years and days should a single
payment of $2000 be made in order to be
equivalent to payments of $500 now and $800
in 3 years if interest is j = 8% and simple
interest is allowed for part of a year?

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