At What Nominal Rate of Interest Compounded Quarterly Will

question 38

Multiple Choice

At what nominal rate of interest compounded quarterly will $ 13 000.00 earn $8407.27 in interest in six years? (nearest hundredth)

• A) 1.83%
• B) 2.10%
• C) 7.33%
• D) 8.4%
• E) 18.4%

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Definitions:

Incomes

refer to the earnings received by individuals or households, including wages, salaries, benefits, and returns from investments.

Equilibrium Price

The cost level at which the supply of products equals the demand for those products in the market.

Market Demand

The total amount of a product or service that all consumers in a market are willing and able to purchase at varying prices over a specified time period.

Market Supply

The total amount of a product or service that is available for purchase at any given price level in a market.