Homework Answers
To find the rate, we need to put the following values in the financial calculator:
| Input | 18 | 500,000 | -33,351.05 | 0 | |
| TVM | N | I/Y | PV | PMT | FV |
| Output | 2 |
r = 2%
Hence, Nominal Rate = 6r = 6 x 2% = 12%
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