Answered: essman invested $ 1,000 and after 4…

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essman invested $ 1,000 and after 4 years, it becomes $ 1,608.44 invested at a certain interest compounded bi-monthly

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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13. A businessman invested $ 1,000 and after 4 years, it becomes $ 1,608.44 invested at a certain interest compounded bi-monthly. Determine the effective rate.

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