Kayla invested an amount of $20,000.00 in a mutual fund. After 3 years and 6 months the accumulated value of her investment was $22,097.59. What is the nominal interest rate of the investment if interest is compounded semi-annually?
Added by Hugo E.
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Over 3 years and 6 months, there are a total of 7 compounding periods (3 years * 2 + 6 months / 6 months per period = 6 + 1 = 7 periods). Show more…
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