A financial institution is willing to lend you $400. However, $450 is repaid at the end of

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A financial institution is willing to lend you $400. However, $450 is repaid at the end of one week.
(a) What is the nominal interest rate?
(b) What is the effective annual interest rate?

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Contemporary Engineering Economics

ISBN: 978-0136118480

5th edition

Authors: Chan S. Park

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Question Posted: Apr 21, 2016 06:38 AM

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A financial institution is willing to lend you $400. However, $450 is repaid at the end of

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Contemporary Engineering Economics

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