Multiple Choice
Assume the following future values will be received at the end of each year.What is the interest rate if the future value of these amounts at the end of year 3 is equal to $2,006?
Yr.1 = $400; Yr.2 = $500; Yr.3 = $1,000
A) 6.5%
B) 6.8%
C) 7.0%
D) 8.0%
E) 8.9%
Correct Answer:
Verified
Correct Answer:
Verified
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