What nominal annual interest rate

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You deposit 10,000 in a retirement account on your 28th birthday, and you pan to retire on the 65th birthday

(A) If you expect to have 260,000 in the retirement account when you retire, what nominal annual interest rate, compounding semi-innually, will make this happen?

Can you explain in steps how you get the 4.5% ? I know the final answer is 9%, but how ?

Reference no: EM131424752

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