Saifis planning to buy a house in 18 years. He wants to invest RO 549 now and hopes to have RO 8549 to spend on the house when he buys it. What kind of interest rate would he need if his investment is compounded monthly?
Saifis planning to buy a house in 18 years. He wants to invest RO 549 now and hopes to have RO 8549 to spend on the house when he buys it. What kind of interest rate would he need if his investment is compounded monthly?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 5E
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Saifis planning to buy a house in 18 years. He wants to invest RO 549 now and hopes to have RO 8549 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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