What is the nominal annual rate of interest compounded

Reference no: EM133368749

Question: The amount of $39 600. 00 is invested at 3.5% compounded quarterly. After 4 years the balance in the fund is converted into an annuity. If payments of $6000. 00 are made at the end of every 6 months for 7 years, what is the nominal annual rate of interest compounded semi-annually on the annuity? (Use your financial calculator to solve for the interest rate)

Reference no: EM133368749

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