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Home Q & A Board Science-Related Homework Help Mathematics
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shaester shaester
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A year ago
What effective interest rate will Frankie have to earn if his investments of $2,000 at the end of every three months for 20 years are to have a maturity value in 20 years of $1,000,000?

▸ 11.56%

▸ 13.81%

▸ 15.29%

▸ 16.19%

▸ 17.49%
Textbook 
Business Mathematics in Canada

Business Mathematics in Canada


Edition: 11th
Authors:
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ftricey04ftricey04
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A year ago
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Anonymous
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#2
9 months ago
Help! The answer is missing an explanation...
Answer rejected by topic starter
wrote...
#3
9 months ago Edited: 9 months ago, Jan Bergstrom
The right answer is 11.56%.

To solve this, you need to use the concept of future value of an annuity...

Oops, I just noticed this has already been solved. I am new to the site!
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