Question 7 (4 points) Eight years ago you spent $10,900 to purchase a GIC that paid 7.5% compounded annually. After 3 years you renewed the GIC plus accumulated interest for another 5 years at a new rate. Today you cashed it in and received $17,161.60. What nominal interest rate, compounded semi-annually, did you earn over the last 8 years? Your Answer: units Answer Page 7 of 9 Next Page Previous Page