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Value investing at nominal interest rate

Which of the following amounts is closest to the end value of investing $5,000 for one year and two months at a nominal interest rate of 6 percent compounded monthly?

A) $5,352
B) $5,362
C) $5,350
D) $5,293
E) $6,183

Solution Summary

Value investing at nominal interest rate is assessed.

$2.19