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Determine the nominal annual rate of interest of the following ordinary general annuity. Future Value $28,000 Periodic Payment Payment Interval Term Conversion Period $220

Determine the nominal annual rate of interest of the following ordinary general annuity. Future Value $28,000 Periodic Payment Payment Interval Term Conversion Period $220 1 month 8 years semi-annually The nominal annual rate of interest is % compounded semi-annually. (Round to two decimal places as needed.)

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