If money is worth 5.3%/year compounded monthly, determine the present value of a debt of $3000 due
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Question:
- If money is worth 5.3%/year compounded monthly, determine the present value of a debt of $3000 due in 48 years with interest at 6.6%/year compounded semi-annually.
- Determine (within one basis point)the nominal annual interest rate (APR) compounded daily which is equivalent to an "Effective annual rate". (EAR) of9%/year.
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
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