roadrunner
Member
- Joined
- Jan 25, 2010
- Messages
- 11
- Reaction score
- 0
I don't understand this question.
Assume an effective interest rate of 15% per year compounded annually. An investment requires $1500 at the end of each year for the next 5 years plus a final investment of $3000 in 5 years. What is the equivalent lump sum investment now?
A. $6100
B. $6500
C. $8000
D. $8700
the answer is B?!?!?!?!?
Assume an effective interest rate of 15% per year compounded annually. An investment requires $1500 at the end of each year for the next 5 years plus a final investment of $3000 in 5 years. What is the equivalent lump sum investment now?
A. $6100
B. $6500
C. $8000
D. $8700
the answer is B?!?!?!?!?