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gewusel gewusel
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6 years ago
What nominal rate of interest is earned by monthly deposits of $560.00 made for 6 years if the balance just after the last deposit is $52 700.00?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
= 52 700, PMT = 560, N = 6(12) = 72
Calculator answer: i = 0.007252
The nominal rate = 12(0.007252)(100%) = 8.7024%
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