A down town bank is advertising that if you deposit $1,000 with them, and leave it there for 65 months, you can get $2,000 back at the end of this period. Assuming monthly compounding, what is the monthly rate of interest paid by the bank?

A down town bank is advertising that if you deposit $1,000 with them, and leave it there for 65 months, you can get $2,000 back at the end of this period. Assuming monthly compounding, what is the monthly rate of interest paid by the bank?

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 31P

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