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At what nominal rate of interest, convertible monthly, is $16,000 the present value of $290.10 paid at the beginning of each month for 6 years? Round your answer 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 3CE

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At what nominal rate of interest, convertible monthly, is $16,000 the present value of $290.10 paid at the beginning of each month for 6 years? Round your answer to 2 decimal places.

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