Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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The future value of a cash flow occurring 36 months from today is $15000, and its present value is $12,000. The effective annual rate which corresponds to these values is closest to:
Group of answer choices
A. 5.73%
B. 7.72%
C. 0.62%
D. 0.21%
E. Need more information to answer the question
My answer is C which is 0.62%, I just want to make sure that my answer and my formula are correct.
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