For Problem 9P of Chapter 3 in Engineering Economics: Financial Decision Making for Engineers, I try...
For Problem 9P of Chapter 3 in Engineering Economics: Financial Decision Making for Engineers, I try to use effective interest rate in the Uniform Series Compound Amount Factor but it gives me a different answer from the one provided in the solution manual. How come this is so?
Homework Answers
Effective interest rate is the rate that we are actually earning on any investment where this effective interest rate we will get after compounding the stated interest rate over a certain period of time.
In Uniform series compound ampamo factor we should not use effective interest rate but we should use the stated interest rate. Hence due to usage of effective interest rate instead of stated interest rate got you the wrong answer.
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