Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is %. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
Problem 8CE
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Subject :- Finance 

K
Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee
opens a credit union account and deposits $110 at the end of each month. After one year, the account contains
$1324.06. What annual nominal rate compounded monthly has the account earned?
The annual nominal rate is%.
(Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places
as needed.)
Transcribed Image Text:K Use graphical approximation techniques or an equation solver to approximate the desired interest rate. An employee opens a credit union account and deposits $110 at the end of each month. After one year, the account contains $1324.06. What annual nominal rate compounded monthly has the account earned? The annual nominal rate is%. (Round the final answer to two decimal places as needed. Round all intermediate values to six decimal places as needed.)
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