Question
Deposits of $425 are made quarterly in an investment. The first deposit is made on February 15, 2014 and the last deposit is made on
Deposits of $425 are made quarterly in an investment. The first deposit is made on February 15, 2014 and the last deposit is made on August 15, 2024. Find the nominal rate converted quarterly that is earned if the account balance just after the last deposit on August 15, 2024 is $28966.54.
Answers that have been tried that have been incorrect: 2.2% and 8.86 %
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Foundations Of Financial Management
Authors: Stanley B. Block, Geoffrey A. Hirt, Bartley R. Danielsen
13th Edition
0073382388, 978-0073382388
