Calculating the Nominal Interest Rate Find the nominal interest rate needed for an investment of $6000 to double in 8 years if interest is compounded daily. Our formula for the accumulated amount of money is A=P(1+mr)mt. We can rearrange this formula to solve for the nominal interest as follows: m1=1+mr Your answer for the input box above should be in terms of capital A and capital P (PA)mt1=mr Which gives us r= Correct answer, well done. Marks for this submission: 1.00/1.00. Now, here we have P=A=m=sincetherearedaysinayeart= So we can calculate that the nominal interest rate is r= [(600012000)350111]% For the second input box in the line above, round your answer to 2 decimal places Now, find the nominal interest rate needed for an investment of $6000 to double in 8 years if interest is compounded continuously. Our formula for the accumulated amount of money compound continuously is A=Pert We can rearrange this formula to solve for the nominal interest as follows: ln()=rt Your answer for the input box above should be in terms of capital A and capital P Whichgivesusr= Correct answer, well done. Marks for this submission: 1.00/1.00. So we can calculate that the nominal interest rate is r= [ln(600012000)]% For the second input box in the line above, round your answer to 2 decimal places