Sophie invested $225,000 to purchase a home. After 6 years, she sold the home for $315,000.Calculate the effective interest rate earned on this investment.

Close Date: Mon, May 25, 2020 11:59 PM 1 (0/2) Question 2 of 7 2 (0/2) 3 (0/2) Lionel invested an amount of $24,000 in a mutual fund. After 3 years and 6 months the accumulated value of his investment was $25,942.62. What is the quarterly compounded nominal interest rate of the investment? 4 (0/3) 5 (0/2) 0.00% (X 6 (0/2) Round to two decimal places 7 (0/2) Solution Read 9.5 Calculating Periodic Interest Rate(i) and Nominal Interest Rate() The correct answer is 2.23%. Financial Calculator Method Algebraic Method /15) AL be