+598 Victoria saved $416 every six months for eight year. What nominal rate of interest compounded annually is earned if the savings account amounts to $7720 in eight years?
Any help would be greatly appreciated, thanks
Victoria saved $416 every six months for eight year. What nominal rate of interest compounded annually is earned if the savings account amounts to $7720 in eight years?
This is the same as the first problem, in that you are asked to find the interest rate, which comes to =3.92% nominal rate comp.annually.
