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Over a 10 year period, an original principal of $4500 accumulated to $6925 in an account in which interest was compounded semiannually. Determine the effective annual rate of interest (rounded to 2 decimal places)

Answer :

Answer:

Determine the effective annual rate of interest (rounded to 2 decimal places)

% anual 4,36%

Step-by-step explanation:

Monthly % anual % semiannualy N Monthly Exponentiation     VF

4500 4,36%     2,18%                 20 4500          1,54 6.925,41

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