Bank A offered 10-year loans to its employees at 2.15% compounded semi-annually. Calculate the annually compounded rate

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Bank A offered 10-year loans to its employees at 2.15% compounded semi-annually. Calculate the annually compounded rate that Bank B must offer their employees so that the interest charged on a $10,000 loan will be identical at both banks.

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Mathematics Of Business And Finance

ISBN: 9781927737545

4th Edition

Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans

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Question Posted: Aug 30, 2024 09:06 AM

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Bank A offered 10-year loans to its employees at 2.15% compounded semi-annually. Calculate the annually compounded rate

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Mathematics Of Business And Finance

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