Bill is considering investing $450 at the end of every month in a fixed income instrument. He will receive $27,000 at the end of four years. If interest is compounded monthly, what is the effective annual rate of return earned on the investment?
A. 11.6%
B. 22.3%
C. 15.1%
D. 11.1%
E. 13.6%
Answer: A
You might also like to view...
In an economy, the amount of money held in currency and coins is $3,500, the amount of money held as traveler's check is $1,000, the amount of money held as checkable deposits is $2,000, the amount of money held in savings deposit is $4,000, and the amount of money held with retailed money market mutual funds is $700. M1 in the economy equals
A. $3,500. B. $6,500. C. $10,500. D. $11,300.
The data definition language
a. identifies, for the database management system, the names and relationships of all data elements, records, and files that comprise the database b. inserts database commands into application programs to enable standard programs to interact with and manipulate the database c. permits users to process data in the database without the need for conventional programs d. describes every data element in the database
Although philanthropy is common around the world, organized fund-raising and philanthropy on a massive scale are still primarily a/an ______ phenomenon.
A. British B. French C. American D. Canadian
Research can include all of the following methods EXCEPT ________
A) interviews B) intuitive information C) test scores D) questionnaires