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A deposit of $8441 will amount to $11789 in 10 years with interest compounded monthly. What is the nominal rate of interest? (Round your answer to 2 decimal places)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A deposit of $8441 will amount to $11789 in 10 years with interest compounded monthly. What is the nominal rate of interest? (Round your answer to 2 decimal places)

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