12.Solve the following problem using either Table 11-1 or Table 11-2 from your text. When...
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Accounting
12.Solve the following problem using either Table 11-1 or Table 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent)
Omar invests $3,750 at 8% interest, compounded semiannually for 4 years. Calculate the effective interest rate for his investment. (Round to nearest hundredth percent.)
7.84%. 8.00% 8.16%. 8.32%
13.Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your answers to the nearest cent.
| Compound Amount | Term of Investment | Nominal Rate (%) | Interest Compounded | Present Value | Compound Interest |
|---|---|---|---|---|---|
| $28,000 | 6 years | 4 | semiannually | $ | $ |
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