Suat opens a deposit account in a bank by depositing 10,000 TL. In addition, he will deposit 6,000 TL into the account one year later and 4,000 TL the following year. The deposit account is valued at the annual fixed effective interest rate %. Calculate the interest rate, i, if the value of the money in Suat's account is 22,000 TL at the time that Suat deposits 4,000 TL.

Suat opens a deposit account in a bank by depositing 10,000 TL. In addition, he will deposit 6,000 TL into the account one year later and 4,000 TL the following year. The deposit account is valued at the annual fixed effective interest rate %. Calculate the interest rate, i, if the value of the money in Suat's account is 22,000 TL at the time that Suat deposits 4,000 TL.

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 36P

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