Marshall hopes to earn $700 in interest in 2.5 years time from $28,000 that he has available
Fantastic news! We've Found the answer you've been seeking!
Question:
Marshall hopes to earn $700 in interest in 2.5 years time from $28,000 that he has available to invest. To decide if it's feasible to do this by Investing in an account that compounds monthly, he needs to determine the annual interest rate such an account would have to offer for him to meet his goal. What would the annual rate of interest have to be? Round to two decimal places.
Related Book For
Foundations of Financial Management
ISBN: 978-1259024979
10th Canadian edition
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta
Posted Date: