How to get the Nominal annual rate
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How to get the Nominal annual rate

[From: ] [author: ] [Date: 11-09-28] [Hit: ]
What is the nominal annual rate?The nominal annual rate is ____%.Round your final answer to 3 decimal places. Please show me how you got it since I am not getting it.0.8.......
A sum of $650 is invested for 10 years and the interest is compounded quarterly. There is $1,500 in the account at the end of 10 years.

What is the nominal annual rate?


The nominal annual rate is ____%.

Round your final answer to 3 decimal places. Please show me how you got it since I am not getting it.

-
1500 = 650[1 + r/4]^(4 * 10)

1500/650 = [(4 + r) / 4]^40

(30 / 13)^(1/40) = (4 + r) / 4

4[(30/13)^(1/40)] - 4 = r

0.0845050644772889821774071286879 = r
8.451% = r
1
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