Answer
$0.03059
Work Step by Step
998.86=$[1000(\frac{0.03}{2})][\frac{1-(1+\frac{r_{y}}{2})^{-2(2)}}{\frac{r_{y}}{2}}]+1000(1+\frac{r_{y}}{2})^{-2(2)}$
$r_{y}$=0.03059
You can help us out by revising, improving and updating this answer.
Update this answerAfter you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.