ames purchased a bond for $3380 that had a rate compounded annually, 2 years later he sold it for $3700. What interest rate, compounded annually, did James earn on this investment? 4.32% 4.73% 4.63% 0.96%
ames purchased a bond for $3380 that had a rate compounded annually, 2 years later he sold it for $3700. What interest rate, compounded annually, did James earn on this investment? 4.32% 4.73% 4.63% 0.96%
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 18P
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Question
James purchased a bond for $3380 that had a rate compounded annually, 2 years later he sold it for $3700. What interest rate, compounded annually, did James earn on this investment?
4.32%
4.73%
4.63%
0.96%
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