A company that makes modular bevel gear driveswith a tight
Chapter 4, Problem 4.14(choose chapter or problem)
A company that makes modular bevel gear driveswith a tight swing ratio for optimizing fork-lift vehicleswas told that the interest rate on a loanwould be an effective 3.5% per quarter, compoundedmonthly. The owner, confused by the terminology,asked you to help. What is the (a) APR,and (b) APY? (c) Explain how the EFFECT andNOMINAL functions can or cannot be used to findthe APR and APY.
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