What nominal interest rate

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Problem - Eight years ago you spent $10,000 to purchase a GIC that paid 4% compounded annually. After 3 years you renewed the GIC plus accumulated interest for another 5 years at a new rate. Today you cashed it in and received $15,137.38. What nominal interest rate, compounded semi-annually, did you earn over the last 8 years? 

a) 7.56%

b) 5.25%

c) 3.75%

d) 8.47%

e) 10.64%

Reference no: EM132888297

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