Determine the nominal annual rate of interest of the following ordinary general annuity. Conversion Period Present Value Periodic Payment Payment Interval Term $4600 $787.91 1 year 9 years monthly The nominal annual rate of interest is ☐ % compounded monthly. (Round to two decimal places as needed.)
Determine the nominal annual rate of interest of the following ordinary general annuity. Conversion Period Present Value Periodic Payment Payment Interval Term $4600 $787.91 1 year 9 years monthly The nominal annual rate of interest is ☐ % compounded monthly. (Round to two decimal places as needed.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 26P
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![Determine the nominal annual rate of interest of the following ordinary general annuity.
Term
Conversion
Period
Present
Value
Periodic
Payment
Payment
Interval
$4600
$787.91
1 year
9 years
monthly
The nominal annual rate of interest is
(Round to two decimal places as needed.)
% compounded monthly.](https://content.bartleby.com/qna-images/question/a90b8ebb-e294-412b-a774-6b936f0b2c8c/d5bb605f-5cdd-4896-9374-e07406ade161/91arx9_thumbnail.jpeg)
Transcribed Image Text:Determine the nominal annual rate of interest of the following ordinary general annuity.
Term
Conversion
Period
Present
Value
Periodic
Payment
Payment
Interval
$4600
$787.91
1 year
9 years
monthly
The nominal annual rate of interest is
(Round to two decimal places as needed.)
% compounded monthly.
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