If $6000 is invested in an account. After three years, the account has $7500 in it. If money is compounded monthly, what is the nominal rate?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter10: Exponential And Logarithmic Functions
Section10.2: Evaluate And Graph Exponential Functions
Problem 10.31TI: Angela invested $15,000 in a savings account. If the interest rate is 4%, how much will be in the...
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If $6000 is invested in an account. After three years, the account has $7500 in it. If money is compounded monthly, what is the nominal rate?

 

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