You invested $6,000 at the end of each half-year for 8 years in an investment fund. If the balance in the fund at the end of 8 years was $110,000, what was the nominal interest rate compounded semi-annually?

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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You invested $6,000 at the end of each half-year for 8 years in an investment fund. If
the balance in the fund at the end of 8 years was $110,000, what was the nominal
interest rate compounded semi-annually?
%
Round to two decimal places
Transcribed Image Text:You invested $6,000 at the end of each half-year for 8 years in an investment fund. If the balance in the fund at the end of 8 years was $110,000, what was the nominal interest rate compounded semi-annually? % Round to two decimal places
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