What is the effective annual rate of interest if $1200.00 grows to $1700.00 in three years compounded monthly? The effective annual rate of interest as a percent is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

What is the effective annual rate of interest if $1200.00 grows to $1700.00 in three years compounded monthly? The effective annual rate of interest as a percent is %. (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 7P

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What is the effective annual rate of interest if $1200.00 grows to $1700.00 in three years compounded monthly?
The effective annual rate of interest as a percent is %.
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as
needed.)

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