A deposit of 1 is made at the end of each year for 30 years into a
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A deposit of 1 is made at the end of each year for 30 years into a bank account that pays interest at the end of each year at j per annum. Each interest payment is reinvested to earn an annual effective interest rate of j / 2 . The accumulated value of these interest payments at the end of 30 years is 72.88. Determine j
Related Book For
Finite Mathematics and Its Applications
ISBN: 978-0134768632
12th edition
Authors: Larry J. Goldstein, David I. Schneider, Martha J. Siegel, Steven Hair
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