A loan company offers money at 1.95% per month compounded monthly. (a) What is the nominal interest
Question:
(a) What is the nominal interest rate?
(b) What is the effective annual interest rate?
(c) How many years will it take an investment to triple if interest is compounded monthly?
(d)How many years will it take an investment to triple if the nominal rate is compounded continuously?
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a Nominal interest rate r 195 12 234 b Effectiv...View the full answer
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