Multiple Choice
After 12 ½ years contributions of $750 at the end of each semi-annual period has accumulated into $24,510.47. If interest rate is compounded semi-annually, determine the effective annual rate of the investment.
A) 8.08%
B) 8.62%
C) 9.08%
D) 9.58%
E) 10.08%
Correct Answer:
Verified
Correct Answer:
Verified
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