You invested $10,500 at the end of each quarter for 6 years in an investment fund. Atthe end of year 6, if the balance in the fund was $265,000, what was the nominalinterest rate compounded quarterly?0.00 %Round to two decimal places

Information Provided: Invested amount = $10,500 Years = 6 Future value of invested amount =…

Answered: You invested $10,500 at the end of each…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 26P

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You invested $10,500 at the end of each quarter for 6 years in an investment fund. A the end of year 6, if the balance in the fund was $265,000, what was the nominal interest rate compounded quarterly? 0.00 % Round to two decimal places