Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Solve the following problem with a full solution without using excel.

5. Carl borrowed 100 000. He agrees to pay the principal plus interest by paying an equal amount of money each year for 3 years. What should be his annual payment if interest is 8% compounded annually. Use simple annuity.
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Transcribed Image Text:5. Carl borrowed 100 000. He agrees to pay the principal plus interest by paying an equal amount of money each year for 3 years. What should be his annual payment if interest is 8% compounded annually. Use simple annuity.
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