Question
Surinder borrowed $ 1400 and agreed to pay $2830.75 in settlement of the debt in 7years, 8 months . What annual nominal rate compounded was
Surinder borrowed $ 1400 and agreed to pay $2830.75 in settlement of the debt in 7years, 8 months . What annual nominal rate compounded was monthly charged on the debt?
Question content area bottom
The nominal annual rate of interest is_____%.
(Round the final answer to four decimal places as needed. Round all intermediate values to six decimal places as needed.)
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Investments
Authors: William F. Sharpe, Gordon J. Alexander, Jeffery V. Bailey
6th Edition
8120321014, 978-8120321014
