You have invested 7 million dollars for a horizon of 24 months. You will be paid interest at 7.80% per annum, with semi-annual compounding. How much will you receive at the end (after 24 months)?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 16P
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You have invested 7 million dollars for a horizon of 24 months. You will be paid interest at 7.80% per annum, with semi-annual compounding. How much will you
receive at the end (after 24 months)?
Transcribed Image Text:You have invested 7 million dollars for a horizon of 24 months. You will be paid interest at 7.80% per annum, with semi-annual compounding. How much will you receive at the end (after 24 months)?
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