Deposits of 50 are placed into a fund at the end of each year for...

60.1K

Verified Solution

Question

Finance

image

Deposits of 50 are placed into a fund at the end of each year for 10 years. The present value of the series of payments is 331.60. Find the effective annual interest rate. 0 7.43% 9.09%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students