The Toronto Cancer Society needs $70,000 for the purchase of a new cancer treatment piece of equipment in four years. If The Toronto Cancer Society is able to deposit $47,811 at the beginning of this year, what rate of interest - compounded annually - must The Toronto Cancer Society receive to fund the purchase of this piece of equipment in four years? 11% 10% 9% 8% 7%
The Toronto Cancer Society needs $70,000 for the purchase of a new cancer treatment piece of equipment in four years. If The Toronto Cancer Society is able to deposit $47,811 at the beginning of this year, what rate of interest - compounded annually - must The Toronto Cancer Society receive to fund the purchase of this piece of equipment in four years? 11% 10% 9% 8% 7%
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 Toronto Cancer Society needs $70,000 for the purchase of a new cancer treatment piece of equipment in four years. If The Toronto Cancer Society is able to deposit $47,811 at the beginning of this year, what rate of interest - compounded annually - must The Toronto Cancer Society receive to fund the purchase of this piece of equipment in four years?
- 11%
- 10%
- 9%
- 8%
- 7%
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