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Finance

compounded

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 11E

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Question

Saif is planning to buy a house in 19 years. He wants to invest RO 275 now and hopes to have RO 9275 to spend on the house when he buys it. What kind of interest rate would he need if his investment is compounded monthly?

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