Answered: PROBLEM 12 How many days will it take…

PROBLEM 12 How many days will it take for a sum of $1000 to earn $20 interest if it is deposited in a bankpaying simple interest rate at 2.5% per year?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 12PROB

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PROBLEM 12

How many days will it take for a sum of $1000 to earn $20 interest if it is deposited in a bankpaying simple interest rate at 2.5% per year?

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