A firm underwriting of a municipal bond issue usually has a number of different broker-dealers involved. Those who earn the tota
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Answer:
rate of 0.000171716533316905 = 0.017% daily
Explanation:
we need to solve for the rate of an annuity for 19 years with daily deposits of 75 dolllars to yield a principal of 1,000,000 dollars
365 days x 19 years = 6,935 days
we use goal seek on excel as follow:
on A1 we write 0.01 this will be a placeholder for the rate
then on A2 we write =FV(A1;6935;75)
then with goal seek we definethat we want A2 equal to 1,000,000 changing A1 (rate)
which give us:
0.000171717 = 0.017% per day to achieve the goal:
C 75
time 6935
rate 0.000171717
FV $999,999.9999