A financial instrument pays 8 simple interest based on the, Ask an Expert

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A financial instrument pays 8% simple interest (based on the purchase value) and lasts for 3 years. The instrument can be purchased at any price.

An investor purchases the instrument for P, and has calculated that the total value of the investment (i.e. P plus interest earned) will be $2,000 at maturity. Calculate P, giving your answer to the nearest cent.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92865488

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