Future Value $28,000 Periodic Payment Payment Interval Term Conversion Period $220 1 month 8 years semi-annually

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 20E
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Determine the nominal annual rate of interest of the following ordinary general annuity.
Future Value
$28,000
Periodic
Payment
Payment
Interval
Term
$220
1 month
8 years
Conversion
Period
semi-annually
% compounded semi-annually.
The nominal annual rate of interest is
(Round to two decimal places as needed.)
Transcribed Image Text:Determine the nominal annual rate of interest of the following ordinary general annuity. Future Value $28,000 Periodic Payment Payment Interval Term $220 1 month 8 years Conversion Period semi-annually % compounded semi-annually. The nominal annual rate of interest is (Round to two decimal places as needed.)
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