Question
a) What is the nominal annual rate of interest compounded quarterly at which $860.00 will accumulate to 2246.12 in 6 years and 3 months? (Round
a) What is the nominal annual rate of interest compounded quarterly at which $860.00 will accumulate to 2246.12 in 6 years and 3 months? (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
b) Suzi deposited $200.00 into a savings account that compounded interest monthly. What nominal annual rate compounded monthly was earned on the investment if the balance was $466.90 in 8 years? (Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
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