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(Solved): An amount of $1,000 becomes $1,608.44 after 5 years compounded bimonthly. Find the nominal interes ...

$An amount of \( \$ 1,000 \) becomes \( \$ 1,608.44 \) after 5 years compounded bimonthly. Find the nominal interest. \( 12.00$

An amount of

$1, 000

becomes

$1, 608.44

after 5 years compounded bimonthly. Find the nominal interest.

12.00%

9.58%

6.83%

7.97%

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The nominal interest rate is the intere

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