At the beginning of the year an investment fund was established with an initial deposit of $1,000.
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At the beginning of the year an investment fund was established with an initial deposit of $1,000. A new deposit of $500 was made at the end of four months. Withdrawals of $200 and $100 were made at the end of six months and eight months, respectively. The amount in the fund at the end of the year is $1,272. Find the approximate effective rate of interest earned by the fund during the year using the dollar-weighted rate of return formula.
Related Book For
Introduction to Governmental and Not for Profit Accounting
ISBN: 978-0132776011
7th edition
Authors: Martin Ives, Terry K. Patton, Suesan R. Patton
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