× Didn't find what you were looking for? Ask a question
Top Posters
Since Sunday
New Topic  
Lada Lada
wrote...
Posts: 357
Rep: 0 0
6 years ago
Note: The calculations for this question were done using Excel's RATE function.
What nominal annual rate of interest compounded semi-annually is earned by quarterly deposits of $7327.00 made for six years if the balance just after the last deposit is $289 000.00?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
Read 67 times
1 Reply

Related Topics

Replies
wrote...
6 years ago
Nper 24
Pmt -7327.00
FV 289000.00
Result 0.0407147
p = (1 + 0.0407147)2 - 1 = 0.0830871
2(0.0830871) = 16.61742% per year comp. semi-annually
New Topic      
Explore
Post your homework questions and get free online help from our incredible volunteers
  1259 People Browsing
Related Images
  
 375
  
 242
  
 453