3 years, 3 months ago, a bank account had a balance of $28,585 and was earning interest at a semi-annually rate. Since then, $830 has been withdrawn at the end of every month. After today's withdrawal, the account is now empty. What nominal interest rate did this account earn? 0.00 % Round to 2 decimal places

3 years, 3 months ago, a bank account had a balance of $28,585 and was earning interest at a semi-annually rate. Since then, $830 has been withdrawn at the end of every month. After today's withdrawal, the account is now empty. What nominal interest rate did this account earn? 0.00 % Round to 2 decimal places

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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