Frank sold an antique car he had inherited, investing the proceeds of $15,000 to earn 4.84% compounded monthly. After 45 months, he converted his investment to an annuity, where he withdraws $335 at the end of each month over five years. What monthly compounded nominal rate of interest does the annuity earn during the annuity period?
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Part 1
The nominal rate is
enter your response here% compounded monthly.
(Round to four decimal places as needed.)
1 answer
The nominal rate is 4.84% compounded monthly.
0 answers