Question: Problem 1 (1 point) Determine the annual equivalent amount over 4 years for the following cash flow (CF) pattern. The nominal interest rate is 3%,

Problem 1 (1 point) Determine the annual equivalent amount over 4

Problem 1 (1 point) Determine the annual equivalent amount over 4 years for the following cash flow (CF) pattern. The nominal interest rate is 3%, and it is compounded monthly. (EOY = end of year) EOY O, CF = -$11,000 EOY 1, CF = $8,000 EOY 2, CF = -$4,000 EOY 3, CF = $7,000 EOY 4, CF = $2,500

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