A Company Is Setting Aside $21,354 Today, and Wishes to Have

question 63

Short Answer

A company is setting aside $21,354 today, and wishes to have $30,000 at the end of three years for a down payment on a piece of property. What interest rate must the company earn?

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Definitions:

Equal Sign

In programming, it is used as an assignment operator to assign values to variables; in mathematics and comparisons, it signifies equality between two expressions.

Applets

Small application programs that are designed to be embedded within web pages or run in a secure environment.

Stand-Alone Applications

Software programs that do not require any software other than the operating system on which it is installed to run.

CharAt Method

A method used to retrieve a character at a specified index within a string.