An amount of $96,640 was accumulated after 14 years of payments of $4,317.10 at the beginning...

 

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An amount of $96,640 was accumulated after 14 years of payments of $4,317.10 at the beginning of every 12 months. Find the corresponding interest rate as a percentage with 2 decimals, e.g., 9.87 a) What is the monthly compounded nominal rate? Mode N = P/Y = Rate = N A A/ b) What is the effective rate? A/ An amount of $96,640 was accumulated after 14 years of payments of $4,317.10 at the beginning of every 12 months. Find the corresponding interest rate as a percentage with 2 decimals, e.g., 9.87 a) What is the monthly compounded nominal rate? Mode N = P/Y = Rate = N A A/ b) What is the effective rate? A/

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Step 1 Introduction The nominal interest rate is the return rate that an investor can expect fr... View the full answer