What nominal and effective rate of return per year were made, Microeconomics

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What nominal and effective rate of return per year were made

Problem

Contributed by Meenakshi Sundaram, Tennessee Tech University

An investor purchased a 5%, $5000 bond for $4000. The interest was payable quarterly, and the bond's maturity was 20 years. The bond was kept for only 9 years and sold for $4200 immediately after the 36th interest payment was received. What nominal and effective rates of return per year were made on this investment?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: What nominal and effective rate of return per year were made

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