Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Anibal invests $4,500 at 8% interest, compounded quarterly for 1 year. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent.) O 7.96% O 8.00% O 8.24% O 9.01%

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
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Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)
Anibal invests $4,500 at 8% interest, compounded quarterly for 1 year. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent.)
O 7.96%
O 8.00%
O 8.24%
O 9.01%
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Transcribed Image Text:Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Anibal invests $4,500 at 8% interest, compounded quarterly for 1 year. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent.) O 7.96% O 8.00% O 8.24% O 9.01% Need Help? Read It
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