Your crazy banker presents another investment opportunity for 2023, where you are told that for the first
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Question:
Your crazy banker presents another investment opportunity for 2023, where you are told that for the first six months of the year, you will have an APR of r compounding monthly. Assume that this compounds on the 28th day of each month. The banker tells you that for the first six months of the year, the effective continuous rate is c = 6%, but refuses to divulge the value of r directly. You choose to invest $1000 on January 1, 2023 and decide to withdraw all funds on June 30, 2023. What is the value of the account upon withdrawal?
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
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