(Step-by-Step) Suppose that over a seven-year period, $1000 accumulated to $1835 in an investment certificate in which interest was compounded monthly.
Question: Suppose that over a seven-year period, $1000 accumulated to $1835 in an investment certificate in which interest was compounded monthly. Find the nominal rate of interest, compounded monthly, that was earned. Round your answer to two decimal places.
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