y have just planned to put aside RM9,872.43 now for this purpose. (a) What is the interest rate per year that they will gain from the sum put aside? Knowing this, however, Farid has asked th
y have just planned to put aside RM9,872.43 now for this purpose. (a) What is the interest rate per year that they will gain from the sum put aside? Knowing this, however, Farid has asked th
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Farid's grand parents have promised him RM12,000 when he completes his studies. Thinking that it will be after 4 years, they have just planned to put aside RM9,872.43 now for this purpose.
(a) What is the interest rate per year that they will gain from the sum put aside?
Knowing this, however, Farid has asked them to put aside RM10,116.23 now instead.
(b) When will Farid complete his studies then?
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