Suppose you can deposit $186.29 on each January 1st from 2015 through 2018, but you need...
Suppose you can deposit $186.29 on each January 1st from 2015 through 2018, but you need $1000 on January 1, 2018. What interest rate with annual compounding must you have to achieve this goal? 0.1000 0.2000 0.3000 None of the above
Homework Answers
Using financial calcualtor
N=4
FV=-1000
PMT=186.29
PV=0
CPT I/Y=20%
Interest rate should be 0.2000
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Suppose you can deposit $186.29 on each January 1st from 2015
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