You invested $5,000 at the end of each half-year for 7 years in an investment fund. Ifthe balance in the fund at the end of 7 years was $86,000, what was the nominalinterest rate compounded semi-annually?%Round to two decimal places

The Future Value of a payment series is the total value of all the payments assuming a fixed growth…

Answered: You invested $5,000 at the end of each…

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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You invested $5,000 at the end of each half-year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $86,000, what was the nominal interest rate compounded semi-annually? % Round to two decimal places