Answered: You invested $11,000 at the end of each…

You invested $11,000 at the end of each year for 7 years in an investment fund. At the end of year 7, if the balance in the fund was $95,000, what was the nominal interest rate compounded annually?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

ChapterM: Time Value Of Money Module

Section: Chapter Questions

Problem 9RE

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You invested $11,000 at the end of each year for 7 years in an investment fund. At the
end of year 7, if the balance in the fund was $95,000, what was the nominal interest
rate compounded annually?
0.00 %
Round to two decimal places

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