What is the nominal annual rate of interest compounded semi-annually if deposits of $254 made each month for 4.0 years accumulate to $13,000?The nominal annual rate of interest is % compounded semi-annually.(Round to two decimal places as needed.)

Information Provided: Monthly deposit = $254 Future value = $13,000 Period of deposit = 4 years

Answered: What is the nominal annual rate of…

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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What is the nominal annual rate of interest compounded semi-annually if deposits of $254 made each month for 4.0 years accumulate to $13,000? The nominal annual rate of interest is % compounded semi-annually. (Round to two decimal places as needed.)