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Effective Rate Tami Dreyfus bought a television set with

Chapter 2, Problem 15A

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QUESTION:

Problem 15A

Effective Rate Tami Dreyfus bought a television set with money borrowed from the bank at 9% interest compounded semiannually. What effective interest rate did she pay?

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QUESTION:

Problem 15A

Effective Rate Tami Dreyfus bought a television set with money borrowed from the bank at 9% interest compounded semiannually. What effective interest rate did she pay?

ANSWER:

Solution.

Step 1 of 3:

In this question, we have to find the interest rate paid by Tami.

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