A time-sharing condominium firm offers prizes to people who visit their project and listen to a marketing
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A time-sharing condominium firm offers prizes to people who visit their project and listen to a marketing presentation. One prize was a $1,000 savings account. Unfortunately, the account would not be available for 45 years and required that the winner pay an initial service fee of $55. If one put $55 in an investment account, what annual compound rate of return would cause that sum to reach $1,000 in 45 years?
Related Book For
Advanced Financial Accounting
ISBN: 978-0078025624
10th edition
Authors: Theodore E. Christensen, David M. Cottrell, Richard E. Baker
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