Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. 9 a local bank is running the following adverti

9 A local bank is running the following advertisement in the newspaper:...

90.2K

Verified Solution

Question

Finance

9 image
A local bank is running the following advertisement in the newspaper: "For just $3,000 we will pay you $210 foreverl" The fine print in the ad says that for a $3,000 deposit, the bank will pay $210 every year in perpetuity, starting one year after the deposit is made. What interest rate is the bank advertising (what is the rate of return of this investment)? The interest rate the bank is advertising is \%. (Round to the nearest integer.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A consumer advocacy group suspects that a local supermarket’s 10 ounce packages of cheddar cheese actually...

Statistics
Q

Which of the following describes the blood vessels, sweat glands, and temperature of the skin...

Biology
Q

One is composed of 3 Onucleotide codons amino acids proteins Try again protein nucleotides amino...

Biology
Q

46 A block of mass 3m is connected with a string which is wound on...

Physics
Q

4 In the determination of Young s modulus by using Searle s method a wire...

Physics
Q

2 Classify the triangle Using une best name 130 20 7

Geometry
Q

1 10 Points Compute lim sin 4x 0 2x 2x

Calculus
Q

03 3 Liten Determine the slope of the line shown in the graph 3 2...

Algebra
Q

Effect of Financing on Eamings per Share Henriksen CO, which produces...

Accounting
Q

If you invest $2,006 today at 5% interest compounded quarterly, How much will you have...

Accounting
Q

Early in 2025, Dobbs Corporation engaged Kiner, Inc, to design and construct a complete modernization...

Accounting
Q

Illustrate Co-efficient Variant. Explain why calculating standard deviation and expected return is not good enough...

Finance