Sean's investment of $81,400.00 in a fund matured to $155,777.80 in 8 years. If the interest in the fund is compounded semi-annually, calculate the following rounded to two decimal places. a. Periodic interest rate (i)(i) % b. Nominal interest rate (j)
Sean's investment of $81,400.00 in a fund matured to $155,777.80 in 8 years. If the interest in the fund is compounded semi-annually, calculate the following rounded to two decimal places. a. Periodic interest rate (i)(i) % b. Nominal interest rate (j)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 9RE
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Sean's investment of $81,400.00 in a fund matured to $155,777.80 in 8 years. If the interest in the fund is compounded semi-annually, calculate the following rounded to two decimal places.
a. Periodic interest rate (i)(i)
%
b. Nominal interest rate (j)
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