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Assume that you want an investment of $1,000 today to yield $1,216.65 in five years and want to know the nominal interest rate for the

Assume that you want an investment of $1,000 today to yield $1,216.65 in five years and want to know the nominal interest rate for the investment.

a) Use the RATE function in Excel to calculate your answer.

b) Now use the tables and guidance from the text to calculate the nominal interest rate.

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