If $1125.00 accumulates to $1248.19 in two years, six months compounded semi-annually, what is the effective annual rate of interest? The effective annual rate of interest is %.

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 22PROB
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If $1125.00 accumulates to $1248.19 in two years, six
months compounded semi-annually, what is the
effective annual rate of interest? The effective annual
rate of interest is %.
Transcribed Image Text:If $1125.00 accumulates to $1248.19 in two years, six months compounded semi-annually, what is the effective annual rate of interest? The effective annual rate of interest is %.
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