Calculate the nominal interest rate for the investment

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Egan wanted to ensure that he had $65,000 for his child's university education. As soon as his child was born, he started saving $1,225 every 6 months in an investment fund. If he achieved his investment target on his child's 16th birthday, and he made no deposit on the child's 16th birthday,

Problem 1: calculate the following:

a. The nominal interest rate for the investment, compounded quarterly.

b. Calculate the effective interest rate for this investment

Reference no: EM132779635

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