The price of a Universal Testing Machine doubles in 15 years. What is the compounded yearly interest rate? What do you think is the equivalent compounded monthly rate?

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
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4. The price of a Universal Testing Machine doubles in 15 years. What is the compounded
yearly interest rate? What do you think is the equivalent compounded monthly rate?
Transcribed Image Text:4. The price of a Universal Testing Machine doubles in 15 years. What is the compounded yearly interest rate? What do you think is the equivalent compounded monthly rate?
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