The amount of $10,000 is invested and will be worth $21,000 in nine years. What in the continuoushy compounded nominal (annual) interest rate? Select one: O a. 8.2% O b. 7.7% O c. 8.8% O d. 6.5% O e. 7.1%

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
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Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 9PROB
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The amount of $10,000 is invested and will be worth $21,000 in nine years What is the cortiusly compounded
nominal (annual) interest rate?
Select one:
O a. 8.2%
O b. 7.7%
C. 8.8%
O d. 6.5%
O e. 7.1%
Transcribed Image Text:The amount of $10,000 is invested and will be worth $21,000 in nine years What is the cortiusly compounded nominal (annual) interest rate? Select one: O a. 8.2% O b. 7.7% C. 8.8% O d. 6.5% O e. 7.1%
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