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

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
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...
icon
Related questions
Question
Hello this is every important so can you please help me and get it right? It’s due in 2 hours and I’m stuck so please help asap
Question 6 of 16
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
Transcribed Image Text:Question 6 of 16 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
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning