You invested $11,500 at the end of each quarter for 6 years in an investment fund. At the end of year 6, if the balance in the fund was $291,000, what was the nominal interest rate compounded quarterly? 0.00 % Round to two decimal places

You invested $11,500 at the end of each quarter for 6 years in an investment fund. At the end of year 6, if the balance in the fund was $291,000, what was the nominal interest rate compounded quarterly? 0.00 % Round to two decimal places

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 9RE

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Concept explainers

Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.

Question

You invested $11,500 at the end of each quarter for 6 years in an investment fund. At
the end of year 6, if the balance in the fund was $291,000, what was the nominal
interest rate compounded quarterly?
0.00 %
Round to two decimal places
SUBMIT QUESTION
SU
SAVE PROGRESS
F

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