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An amount of $9,250.00 is deposited into an account today, it is expected to increase to a maturity value of $11,042.29 in 8 years from now. What is the nominal interest rate compounded quarterly? Round the answer to two decimal places.

An amount of $9,250.00 is deposited into an account today, it is expected to increase to a maturity value of $11,042.29 in 8 years from now. What is the nominal interest rate compounded quarterly? Round the answer to two decimal places.

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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An amount of $9,250.00 is deposited into an account today, it is expected to increase to a maturity value of $11,042.29 in 8 years from now. What is the nominal interest rate compounded quarterly? Round the answer to two decimal places. P/Y = C/Y = N= I/Y = PV = $ PMT = $ FV = $
Transcribed Image Text:An amount of $9,250.00 is deposited into an account today, it is expected to increase to a maturity value of $11,042.29 in 8 years from now. What is the nominal interest rate compounded quarterly? Round the answer to two decimal places. P/Y = C/Y = N= I/Y = PV = $ PMT = $ FV = $
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