question archive $100 is deposited at the beginning of each year for 10 years in a fund crediting interest at an effective rate i
$100 is deposited at the beginning of each year for 10 years in a fund crediting interest at an effective rate i
Subject:MathPrice: Bought3
$100 is deposited at the beginning of each year for 10 years in a fund crediting interest at an effective rate i. At the end of each year the interest earned is reinvested in another fund crediting interest at only 80% of i . At the end of 10 years the accumulated value in both funds combined is $1577.16. What is the effective rate?
