Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Solve for the unknown interest rate in each of the following (Do not round intermediate
calculations. Enter your answers as a percent rounded to 2 decimal places, e.g.,
32.16.):
Present Value
Years
Interest Rate
Future Value
230
3
:%
$
269
350
17
972
38,000
18
163,663
37,261
20
300,405
%24
Expert Solution
Step 1
Interest rate is the rate that a lender charges on the amount provided to the borrower for the total life of the loan. Also, Interest rate is the rate of interest that an investor will receives on the deposits made in an account over a specified period of time.
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