If an investment grew to $16,000 in 2 years and the interest amount earned was $1,450, calculate the nominal interest rate compounded quarterly.

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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If an investment grew to $16,000 in 2 years and
the interest amount earned was $1,450,
calculate the nominal interest rate compounded
quarterly.
Transcribed Image Text:If an investment grew to $16,000 in 2 years and the interest amount earned was $1,450, calculate the nominal interest rate compounded quarterly.
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