Multiple Choice
Pam promises to pay Sandy $4,000 in year 4 and another $6,000 in year 8 for a loan of $4,000 from Sandy today. What is the ROR that Sandy is getting? Assume interest is compounded monthly.
A) 14.75%
B) 16.72%
C) 15.39%
D) 18.08%
Correct Answer:
Verified
Correct Answer:
Verified
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