Amy invests 1,000 at an effective annual rate of 14% for 10 years. Interest is paid annually
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Amy invests 1,000 at an effective annual rate of 14% for 10 years. Interest is paid annually and reinvested at an effective annual rate of i. At the end of the 10 years, the accrued interest is 2341.08. Bob invests 150 at the end of each year for 20 years at an effective annual rate of 15%. Interest is paid annually and reinvested at an effective annual rate of i.
Find Bob's accrued interest at the end of 20 years.
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