Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $120 at the end of each month. After one year, the account contains $1444.43. What annual nominal rate compounded monthly has the account earned?

Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
Problem 8E
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Use graphical approximation techniques or an equation solver to approximate the desired
interest rate. An employee opens a credit union account and deposits $120 at the end of
each month. After one year, the account contains $1444.43. What annual nominal rate
compounded monthly has the account earned?
Transcribed Image Text:Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $120 at the end of each month. After one year, the account contains $1444.43. What annual nominal rate compounded monthly has the account earned?
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