Pembroke Golf Clubs initiation fee is $5500. It offers an instalment payment alternative of $1000 down and

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Pembroke Golf Club’s initiation fee is $5500. It offers an instalment payment alternative of $1000 down and $1000 at the end of each year for five years. What effective rate of interest is being charged on the instalment plan?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:58 AM

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Pembroke Golf Clubs initiation fee is $5500. It offers an instalment payment alternative of $1000 down and

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The six payments of 1000 form an annuity due whose present value is 5...View the full answer

Business Mathematics In Canada

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