A four-year promissory note for $3800 plus interest at 1.5% compounded semiannually was sold 18 months before
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A four-year promissory note for $3800 plus interest at 1.5% compounded semiannually was sold 18 months before maturity for $4000. What quarterly compounded nominal rate of return will the buyer realize on her investment?
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Based on proceeds of 4000 paid 18 months n 6 quarters befo...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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