Assume that $105.04 invested today will grow to $2,639.23 at the end of 38 quarters. Given this info, determine the effective annual interest rate being earned on this investmen

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter11: Capital Budgeting Decisions
Section: Chapter Questions
Problem 10EB: You have been depositing money into an account yearly based on the following investment amounts,...
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Assume that $105.04 invested today will grow to $2,639.23 at the end of 38 quarters. Given this info, determine the effective annual interest rate being earned on this investment.

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