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Jones borrows $1,000 for five years. Simple interest is charged. The accumulated value at the end of the term will be $1, 330. The following effective rates of interest and discount over the same five year time period will produce the same accumulated value

Year Annual Effective Rates of Interest/Discount

1 Discount of 9%

2 Interest of 4%

3 Interest of 4%

4 Discount of X%

5 Discount of 3%

What is the discount rate X?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92800500

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