Question: A four - year promissory note for $ 3 8 0 0 plus interest at 9 . 5 % compounded semiannually was sold 1 8

A four-year promissory note for $3800 plus interest at 9.5% compounded semiannually was sold 18 months before maturity for $4481.
What quarterly compounded nominal rate of return will the buyer realize on her investment? (Do not round the intermediate calculations. Round your answer to 1 decimal place.)
Quarterly compounded nominal rate of return 2.24 Numeric ResponseEdit Unavailable. 2.24 incorrect.%

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