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.)
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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