Katie invested an amount of $18,000.00 in a mutual fund. After 4 years and 6 months the accumulated value of his investment was $19,826.81. What is the nominal interest rate of the investment if interest is compounded monthly? Round to two decimal places
Katie invested an amount of $18,000.00 in a mutual fund. After 4 years and 6 months the accumulated value of his investment was $19,826.81. What is the nominal interest rate of the investment if interest is compounded monthly? Round to two decimal places
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 4PT: An investment account was opened with aninitial deposit of 9,600 and earns 7.4 interest,compounded...
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