muhammad wants to save $372,000.00 to buy a new sports car. he makes deposits of $3,705.50 every year into an investment account (at the start of each period) and it takes 33 periods to reach the target amount. What nominal interest rate i⁽¹⁾ does his investment account pay? (Answer to the nearest 0.1%.)

a. i = 5.5975%.

b. i = 5.8675%.

c. i = 6.0075%.

d. i = 6.2575%

e. i = 6.3275%.

Answer rating: 100% (QA)

Answer c i 60075 Explanation The future value of Muhammads investm... View the full answer