Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Compute the specified quantity.
A 3 year bond costs $20,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.)
r = 5.677
X %
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Transcribed Image Text:Compute the specified quantity. A 3 year bond costs $20,000 and will pay a total of $3,600 in interest over its lifetime. What is its annual interest rate r (as a percent)? (Round your answer to three decimal places.) r = 5.677 X %
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