You owe your parents $15,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from today and the other in 6 years from today. If the interest rate is 10.6% per annum compounding monthly, what will be the amount of each repayment? а. $11909 b. $20588 С. $28255 d. $20294
You owe your parents $15,000 (in present day dollars) and want to repay them in equal amounts the first to occur in 3 years from today and the other in 6 years from today. If the interest rate is 10.6% per annum compounding monthly, what will be the amount of each repayment? а. $11909 b. $20588 С. $28255 d. $20294
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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