A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from the year 2000 in order to be able to buy an apartment by the end of 2020. If he knows that this person has deposited only 15 payments, and that the compound interest rate is 2% annually, the total payments are required to be found at the end of the year. 2020.
A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from the year 2000 in order to be able to buy an apartment by the end of 2020. If he knows that this person has deposited only 15 payments, and that the compound interest rate is 2% annually, the total payments are required to be found at the end of the year. 2020.
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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A person agreed with a bank to deposit an amount of 500 dinars at the end of each year starting from the year 2000 in order to be able to buy an apartment by the end of 2020. If he knows that this person has deposited only 15 payments, and that the compound interest rate is 2% annually, the total payments are required to be found at the end of the year. 2020.
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