what interest was earned on an account that began with $42000 and paid $1000 per month...
what interest was earned on an account that began with $42000 and paid $1000 per month for 6 years? Note: PMT & I\Y must be the same frequency= if PMT monthly then I\Y is monthly. to get annual rate =(X12)
Use BA II Plus calculator!!
Homework Answers
Enter the following on the calculator
PV = -42000
PMT= 1000
N= 6*12=72
Find I/Y = 1.646%
Hence Annual rate = 1.646%*12
= 19.75%
Add Answer to:
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