Albert Greco paid $1,974 for a $10,000 strip bond 16 years before it reached maturity. What semiannually compounded nominal rate will Albert earn on his investment?
▸ 11.78%
▸ 3.17%
▸ 5.22%
▸ 10.67%
▸ 10.40%
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Question
Albert Greco paid $1,974 for a $10,000 strip bond 16 years before it reached maturity. What semiannually compounded nominal rate will Albert earn on his investment?
▸ 11.78% ▸ 3.17% ▸ 5.22% ▸ 10.67% ▸ 10.40%
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