What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000? The nominal rate is % compounded quarterly. (Round to four decimal places as needed.)
What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000? The nominal rate is % compounded quarterly. (Round to four decimal places as needed.)
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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Transcribed Image Text:What quarterly compounded nominal interest rate is earned on payments of $215 paid at the beginning of every month for nine years out of an investment of $18,000?
The nominal rate is % compounded quarterly.
(Round to four decimal places as needed.)
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