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Chapter , Problem 97A

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QUESTION:

Problem 97A

Effective Rate Find the effective rate to the nearest hundredth for the nominal interest rate.

6% compounded monthly

Questions & Answers

QUESTION:

Problem 97A

Effective Rate Find the effective rate to the nearest hundredth for the nominal interest rate.

6% compounded monthly

ANSWER:

Solution:-

Step 1 of 2

Given that

We have to find the effective rate to the nearest hundredth for the nominal interest rate.

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