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A four-year promissory note for $3800 plus interest at 4.5% compounded semiannually was sold 18 months before maturity for $4093. What quarterly compounded nominal rate
A four-year promissory note for $3800 plus interest at 4.5% compounded semiannually was sold 18 months before maturity for $4093. What quarterly compounded nominal rate of return will the buyer realize on her investment?
Answer in the book is 6.98% compounded quarterly
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