Narrative 11-1 Solve the following problems using either Tables 11-1 or 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) Refer to Narrative 11-1. Omar invests $3,000 at 12% interest, compounded semiannually for 2 years. Calculate the effective
interest rate for his investment. (Round to nearest hundredth percent)
A) 10.80%
B) 12.36%
C) 9.65%
D) 12.52%
B
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