Devi wants to save $313,000.00 to buy a new sports car. She makes deposits of $2,822.30 every year into an investment account (at the end of each period) and it takes 35 periods to reach the target amount. What nominal interest rate i(¹) does her investment account pay? (Answer to the nearest 0.1%.) O a. i = 5.4875%. O b. i 5.6375%. O c. i6.1875% O d. i = 5.9775%. O e. i = 5.7375%.

Devi wants to save $313,000.00 to buy a new sports car. She makes deposits of $2,822.30 every year into an investment account (at the end of each period) and it takes 35 periods to reach the target amount. What nominal interest rate i(¹) does her investment account pay? (Answer to the nearest 0.1%.) O a. i = 5.4875%. O b. i 5.6375%. O c. i6.1875% O d. i = 5.9775%. O e. i = 5.7375%.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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