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please explain by steps. don't use Excel functions please Question 12.04 At a nominal interest rate of 1 convertible semiannually, an investment of 1,000 immediately

please explain by steps. don't use Excel functions please image text in transcribed

Question 12.04 At a nominal interest rate of 1 convertible semiannually, an investment of 1,000 immediately and 1,400 in one year accumulate to 3,000 at the end of 2 years. Calculate 1. A 16.0% B 16.2% C 16.4% D 16.6% E 16.8%

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