Your father helped you start saving $20 a month. He always made you deposit the money into your savings account on the first day of each month just to "start the month out right." Today completes your 17th year of saving and you now have $8,000 in this account. What is the rate of return (i.e. APR) on your savings? 8.33% 6.14% 5.15% 7.19% 7.78%
Your father helped you start saving $20 a month. He always made you deposit the money into your savings account on the first day of each month just to "start the month out right." Today completes your 17th year of saving and you now have $8,000 in this account. What is the rate of return (i.e. APR) on your savings? 8.33% 6.14% 5.15% 7.19% 7.78%
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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Transcribed Image Text:Your father helped you start saving $20 a month. He always made you deposit the
money into your savings account on the first day of each month just to "start the
month out right." Today completes your 17th year of saving and you now have
$8,000 in this account. What is the rate of return (i.e. APR) on your savings?
8.33%
6.14%
5.15%
7.19%
7.78%
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