Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 06, 2024

You invested $8,000 at the end of each half-year for 7 years in an investment fund. If the balance in the fund at the end

You invested $8,000 at the end of each half-year for 7 years in an investment fund. If the balance in the fund at the end of 7 years was $124,000, what was the nominal interest rate compounded semi-annually? Round to two decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

How To Get Out Of Debt And Into Praise

Authors: James T. Meeks

1st Edition

0802429939,1575678314

More Books

Students also viewed these Finance questions

Question

★★★★★

What are the highlights of Mexican restaurant menus?

Answered: 1 week ago

Question

★★★★★

What policy measures are adopted to correct the BOP disequilibrium of deficit kind? What factors determine the effectiveness of policy measures in correcting adverse balance of payments.

Answered: 1 week ago

Question

★★★★★

A. New research has emerged recently about e-scooters that indicate a major problem is they are left with significant frequency by their users in the middle of sidewalks, ramps, and other public...

Answered: 1 week ago

Question

★★★★★

Activity-based costing, service company Quikprint Corporation owns a small printing press that prints leaflets, brochures, and advertising materials. Quikprint classifies its various printing jobs as...

Answered: 1 week ago

Question

★★★★★

value 2.00 points First America Bank's monthly payment charge on a 48-month, $18,000 loan is $498.26. The U.S. Bank's monthly payment fee is $507.70 for the same loan amount What would be the APR for...

Answered: 1 week ago

Question

★★★★★

Computech Corporation is expanding rapidly and currently needs to retain all of its earnings; hence, it does not pay dividends. However, investors expect Computech to begin paying dividends,...

Answered: 1 week ago

Question

★★★★★

A poll of 2,195 randomly selected adults showed that 90% of them own cell phones. The technology display below results from a test of the claim that 92% of adults own cell phones. Use the normal...

Answered: 1 week ago

Question

★★★★★

Extensive Enterprise Inc. (Extensive) Balance Sheet Cash $1,625,000 Accounts payable $3,900,000 Accounts receivable $5,687,500 Accruals $2,437,500 Inventory $8,937,500 Notes payable $3,412,500 Total...

Answered: 1 week ago

Question

★★★★★

Virtual Coach is an on - line personal training service that allows athletes to upload their training data ( heart - rate, watts, perceived exertion, speed, etc. ) and then provides personalized...

Answered: 1 week ago

Question

★★★★★

Parent Co. owns 75% of Sub Co. and uses the cost method to account for its investment. The following are summarized income statements for the year ended December 31, Year 7. Income Statements For...

Answered: 1 week ago

Question

★★★★★

You are hired as a production manager within a small manufacturing firm that produces wood furniture for homes. You ask the company owner who is the CEO what the environmental management plan is. He...

Answered: 1 week ago

Previous Question Next Question