What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000? The nominal rate is % compounded quarterly. (Round to four decimal places as needed.)

What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000? The nominal rate is % compounded quarterly. (Round to four decimal places as needed.)

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 18E

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What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000?
The nominal rate is % compounded quarterly.
(Round to four decimal places as needed.)

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