Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After 24 years they have the same amount in their accounts. What is j₁? a. 1.91427% b. 1.89687% c. 1.84466% d. 1.75765% e. 1.74025%

Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After 24 years they have the same amount in their accounts. What is j₁? a. 1.91427% b. 1.89687% c. 1.84466% d. 1.75765% e. 1.74025%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...

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Question

Melisandre deposits $500 in an account paying an effective monthly interest rate 0.62708%. Kobe deposits $2,000 in an account paying an effective interest rate j₁. After
24 years they have the same amount in their accounts. What is j₁?
a. 1.91427%
b. 1.89687%
C. 1.84466%
d. 1.75765%
e. 1.74025%

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