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Annual rate of interest compounded weekly
Jim puts had $5000 in a CD on January 1st, 2008. He deposited an additional $350 each month for the next 4 years.What annual rate of interest compounded weekly would he need in order to have had a total of $22500 in his CD at the end of December 2012?
N = 48 **I = 0? PV = 5000 PMT = -350 FV = 22500 P/Y = 12 C/Y = 52 PMT = END That's what I have for the formula but every time I try to calculate the Interest rate it keeps saying "ERR:ITERATIONS"... what am I doing wrong? ** Do I need to make "N" into weeks, which would then be 208, but the result is -17? PLEASE HELP I'M NEW TO MATH 12! |
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