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Mike is considering investing $18,500 in an investment that will have a maturity value of $32,500 in 8 years. If the interest is compounded semiannually,

Mike is considering investing $18,500 in an investment that will have a maturity value of $32,500 in 8 years. If the interest is compounded semiannually, what is the nominal annual rate of return on the investment? Explain why the answer choice is that and not another answer choice.

A) 3.58%

B) 7.17%

C) 1.79%

D) 7.30%

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