Suppose People's bank offers to lend you $10,000 for 1 year on a loan contract...
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Suppose People's bank offers to lend you $10,000 for 1 year on a loan contract that calls for you to make interest pryments of $300.00 at the end of each quarter and then pay off the principal amount at the end of the year. What is the effective annual rate on the loan? You would like to travel to South America 10 years from now, and you can save $100 weekly, beginning immediately. You plan to deposit the funds in a mutual fund that you think will return 8.5\% per year. Assuming 52 -week a year, how much would you have 10 years from now
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