Question
A financial institution offers a double-your-money savings account in which you will have $2 in 7 years for every dollar you invest today. What stated
A financial institution offers a "double-your-money" savings account in which you will have $2 in 7 years for every dollar you invest today. What stated annual interest rate (assuming monthly compounding) does this account offer?
Please specify your answer in decimal terms and round your answer to the nearest thousandth (e.g., enter 12.3 percent as 0.123)
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Quantitative Investment Analysis
Authors: Richard A. DeFusco, Dennis W. McLeavey, Jerald E. Pinto, David E. Runkle
3rd edition
111910422X, 978-1119104544, 1119104548, 978-1119104223
