A testator decides that when he dies he leaves a legacy of $100,000 so that with compound
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A testator decides that when he dies he leaves a legacy of $100,000 so that with compound interest, it will be given to his daughter when she turns 18 and at this time she is 7 years old. If upon reaching the established age, the heir receives $190,071.20, what interest rate with annual capitalization did the inheritance earn?
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Managerial Accounting A Focus on Ethical Decision Making
ISBN: 978-0324663853
5th edition
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
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