Concept explainers
At the beginning of the year, Yvette Virgil invested $ 10,000 at 5% for the first year. At the beginning of the second year, she added $12,000 to the account. The total account earned 4.5% for the second year.
(a) Draw a time line for this investment.
(b) How much was in the fund at the end of the second year?
(c) Set up and solve a polynomial equation and determine the YTM. What do you notice about me YTM?
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