Nominal rate of return with semiannual compounding

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If you invest $500 today and can earn a 9.00% nominal rate of return with semiannual compounding, what will be your effective annual rate of return? If you save $330 a month for retirement and you can earn a nominal 8.60% rate of return with monthly compounding, how long will you have to wait to retire if you want to have $500,000 at the time you retire? _____________ years

Reference no: EM131016116

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