You invested $11,000 at the end of each year for 7 years in an investment fund. At the end of year 7, if the balance in the fund was $95,000, what was the nominal interest rate compounded annually?
You invested $11,000 at the end of each year for 7 years in an investment fund. At the end of year 7, if the balance in the fund was $95,000, what was the nominal interest rate compounded annually?
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:You invested $11,000 at the end of each year for 7 years in an investment fund. At the
end of year 7, if the balance in the fund was $95,000, what was the nominal interest
rate compounded annually?
0.00 %
Round to two decimal places
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