Does your equal payment period match compounding period

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Reference no: EM131517788

Please provide calculations and answer to the compounding period question. You deposit equal payments of $1000 in the bank for the next 6 years. Assume the payments are made at the beginning of each year. What is the nominal interest rate you earn if you have $8,000 at the end of six years with annual compounding? Does your equal payment period match the compounding period?

Reference no: EM131517788

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