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  • Feb 27, 2011, 09:13 AM
    ireneyi
    Annuity of Business Mathematics
    Ryan wishes to borrow 10000.Meade and Halliday offer to lend the money with following term:

    Meade would be repaid with 10 equal annual payment made at the end of each year at 8% interest effective annually.

    Halliday charges an annual effective interest rate of I with Ryan accumulating the amount necessary to repay the loan by means of 10 annual deposits at the end of each year into sinking fund earning 7% interest effective annually.

    The total payment(principal and interest) is same for Maede and Halliday.

    Calculate I.
  • Feb 27, 2011, 09:38 AM
    Curlyben
    Thank you for taking the time to copy your homework to AMHD.
    Please refer to this announcement: https://www.askmehelpdesk.com/financ...-b-u-font.html

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