Compute the nominal annual interest

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Six years ago Juanita put $2000 in a special bank account. Today, her account shows $3425. She thinks that this is a good deal and would like to tell her friends about it tonight. The bank is already closed, however, and the only thing she is sure of is that the account pays interest compounded monthly. Compute the nominal annual interest and the effective annual interest for this account.

Reference no: EM131239572

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Compute the nominal annual interest : Six years ago Juanita put $2000 in a special bank account. Today, her account shows $3425. She thinks that this is a good deal and would like to tell her friends about it tonight. The bank is already closed, however, and the only thing she is sure of..

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