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.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
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.
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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