$480 is deposited at the beginning of every 6 months into a savings account. This will continue for 9 years at which point the balance in the account will be $11,894.90. If the interest on the account is compounded quarterly, what nominal rate is this account earning? Round to 2 decimal places
$480 is deposited at the beginning of every 6 months into a savings account. This will continue for 9 years at which point the balance in the account will be $11,894.90. If the interest on the account is compounded quarterly, what nominal rate is this account earning? 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 3CE
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