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trasher [3.6K]
3 years ago
6

Two investments are made at the same time. The first consists of investing 1480 dollars at a nominal rate of interest of 7.7 per

cent convertible semiannually. The second consists of investing 1300 dollars at a nominal rate of interest of 7.7 percent convertible daily. How long will it take for the two investments to be worth exactly the same amount?
Business
1 answer:
wolverine [178]3 years ago
4 0

Answer:

2.01yrs

Explanation:

future value = present value * (1+r)^n

where r = interest rate per period

and n = number of periods

=>

1480 * (1+7.7%/2)^n = 1300 * (1+7.7%)^n

=>

n = 2.01 year

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