A bank offers a rate of 2.3% compounded semiannually on its four-gear GICs. What monthly and annually
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A bank offers a rate of 2.3% compounded semiannually on its four-gear GICs. What monthly and annually compounded rates should it quote in order to have the same effective interest race at all three nominal rates?
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The effective interest rate is f 1i1 101152100231 231 An equ...View the full answer
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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