Finite Math and Applied Calculus (6th Edition)

Published by Brooks Cole
ISBN 10: 1133607705
ISBN 13: 978-1-13360-770-0

Chapter 2 - Section 2.3 - Annuities, Loans, and Bonds - Exercises - Page 156: 37

Answer

$0.03059

Work Step by Step

998.86=$[1000(\frac{0.03}{2})][\frac{1-(1+\frac{r_{y}}{2})^{-2(2)}}{\frac{r_{y}}{2}}]+1000(1+\frac{r_{y}}{2})^{-2(2)}$ $r_{y}$=0.03059
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