Satwinder deposited $145 at the end of each month for 15 years at 7.5% compounded monthly. After

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Satwinder deposited $145 at the end of each month for 15 years at 7.5% compounded monthly. After her last deposit she converted the balance into an ordinary annuity paying $1200 every 3 months for 12 years. If interest on the annuity is compounded semi-annually, what is the nominal rate of interest paid by the annuity?
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Contemporary Business Mathematics with Canadian Applications

ISBN: 978-0133052312

10th edition

Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs

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