Kathy wants to accumulate a sum of money after 10 years to buy a house. To achieve
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Question:
Kathy wants to accumulate a sum of money after 10 years to buy a house. To achieve this goal, she can deposit 80 per month at the beginning of the month for the next ten years or 81 per month at the end of the month for the next ten years. Find the effective annual interest rate earned by Kathy.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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