Answered: Determine the interest rate earned on a…

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Finance

Determine the interest rate earned on a $200 deposit when $208 is paid back in one year.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15QTD

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Determine the interest rate earned on a
$200 deposit when $208 is paid back in
one year.

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