SOLUTION: If money is invested for 4 years at a simple interest rate of 13.2% per annum, the nominal interest rate per annum, compounding monthly, is (as a percentage rounded to three decima

Question 1146563: If money is invested for 4 years at a simple interest rate of 13.2% per annum, the nominal interest rate per annum, compounding monthly, is (as a percentage rounded to three decimal places; no % sign):
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Since the principal invested is not given, let

For simple interest:

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If this were a compounded interest received,

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Take the log base 10 of both sides

Rounded off:

---------------------
check:

This checks on my calculator
Get 2nd opinion if needed

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