Nailah's retirement fund grew to $40,000 following $200 payments at the end of every three months for
Question:
Nailah's retirement fund grew to $40,000 following $200 payments at the end of every three months for 20 years.
a. What nominal interest rate compounded quarterly was she earning? (Assume that the rate remained constant throughout the 20-year term.)
b. What nominal interest rate compounded quarterly would produce the same accumulated amount in 15 years? (Assume that the same payments are being made at the end of every three months.)
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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