An amount of P 1,000 becomes P 1,608.44 after 4 yrs. compounded bi- monthly. Find the nominal rate of interest.

Engineering Fundamentals: An Introduction to Engineering (MindTap Course List)
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ISBN:9781305084766
Author:Saeed Moaveni
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Chapter20: Engineering Economics
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5. An amount of P 1,000 becomes P 1,608.44 after 4
yrs. compounded bi- monthly. Find the nominal rate
of interest.
Transcribed Image Text:5. An amount of P 1,000 becomes P 1,608.44 after 4 yrs. compounded bi- monthly. Find the nominal rate of interest.
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