The local bank in Edmonton decided to add 0.65% to the effective rate of interest on Mr.

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The local bank in Edmonton decided to add 0.65% to the effective rate of interest on Mr. Sumadi's line of credit. If the current rate charged is 7.85% compounded quarterly, calculate the new nominal interest rate compounded quarterly.

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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 09:05 AM

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The local bank in Edmonton decided to add 0.65% to the effective rate of interest on Mr.

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Mathematics Of Business And Finance

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