Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate...
Jocelyn contributed $90.00 every three months into an RRSP for 5 years. What nominal annual rate of interest will the RRSP earn if the balance in Jocelyn's account just after she made her last contribution was $2,200.00? The nominal annual rate of interest is _______% compounded quarterly.
Homework Answers
Calculating APR,
Using TVM Calculation,
I = [PV = 0, PMT = 90, FV = -2,200, N = 20]
I = 8.24%
So,
APR(Quarterly) = 8.24%
Add Answer to:
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