A trust fund is to be formed by depositing #4766 twice a year for 7 years in a bank that promises to pay a fixed rate over the entire term. If the amount of the fund at the end of the term is 86123, then what is the rate (in %) compounded semi-annually? Round your answer to 2 decimal places.
A trust fund is to be formed by depositing #4766 twice a year for 7 years in a bank that promises to pay a fixed rate over the entire term. If the amount of the fund at the end of the term is 86123, then what is the rate (in %) compounded semi-annually? Round your answer to 2 decimal places.
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 6MC: You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years....
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![A trust fund is to be formed by depositing #4766 twice a year for 7 years in a bank that promises to pay a fixed rate over the entire
term. If the amount of the fund at the end of the term is #86123, then what is the rate (in %) compounded semi-annually?
Round your answer to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F35845dc3-e358-4a57-a0ad-779562801077%2F7f6169d7-c1a4-43f4-81cc-b4c4871074a3%2Fz6e0oy_processed.png&w=3840&q=75)
Transcribed Image Text:A trust fund is to be formed by depositing #4766 twice a year for 7 years in a bank that promises to pay a fixed rate over the entire
term. If the amount of the fund at the end of the term is #86123, then what is the rate (in %) compounded semi-annually?
Round your answer to 2 decimal places.
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