tigerstar34
tigerstar34
08-12-2017
Mathematics
contestada
has to do with interest rate
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Edufirst
Edufirst
08-12-2017
1) Value of the stock after n years = 60 (1.03)^n
Where 1.03 means that the yearly interest, i.e when n = 1 is 3%
2) After 7 years the interests are: (1.03)^7 = 1.23, which means a total interest rate over the 7 years of 23%.
Answer: 23%
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