What must be the nominal and effective interest rates

Reference no: EM13224809

An engineer starts to make quarterly deposits of $1,500 (at the end of a quarter) into an investment account at age of 45. If he wants to have $250,000 when he retires at age of 65, what must be the nominal (10 pts) and effective (15 pts) interest rates per year?

Reference no: EM13224809

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What must be the nominal and effective interest rates : An engineer starts to make quarterly deposits of $1,500 (at the end of a quarter) into an investment account at age of 45. If he wants to have $250,000 when he retires at age of 65, what must be the nominal and effective interest rates per year

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