The effective rate of interest is 5% per annum during the calendar years 2016 and 2017, and it is 9% per annum during the calendar years 2018 and 2019. Calculate the accumulation on 1 January 2019 of a payment of £252 paid on 1 January 2016.
The effective rate of interest is 5% per annum during the calendar years 2016 and 2017, and it is 9% per annum during the calendar years 2018 and 2019. Calculate the accumulation on 1 January 2019 of a payment of £252 paid on 1 January 2016.
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 effective rate of interest is 5% per annum during the calendar years 2016 and 2017, and it is 9% per annum during the calendar years 2018 and 2019.
Calculate the accumulation on 1 January 2019 of a payment of £252 paid on 1 January 2016.
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