Asked by Anonymous
A saving bank offer 1000 pesos certificate of deposit. Each certificate can be redeemed for 2000 pesos after 8.5 years. What is the nomiral annual interest rate if the interest is compounded monthly?
Answers
Answered by
oobleck
1000(1 + r/1200)^(12*8.5) = 2000
r = 8.18%
r = 8.18%
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