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Home Q & A Board Science-Related Homework Help Mathematics
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yosie yosie
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A year ago
Sergon has $5000 to invest for six months. The rates offered on three-month and six-month term deposits at his bank are 5.5% and 5.8%, respectively. He is trying to choose between the six-month term deposit and two consecutive three-month term deposits. What would the simple interest rate on three-month term deposits have to be, three months from now, for Sergon to end up in the same financial position with either alternative? Assume that he would place both the principal and interest from the first three-month term deposit in the second three-month term deposit. Round to the nearest 0.01%
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Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
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jp50jp50
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yosie Author
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A year ago
You make an excellent tutor!
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Thank you, thank you, thank you!
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this is exactly what I needed
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