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1. {5 marks) What effective annual rate is equivalent to an APR of 20% given bi-weekiy compounding? What effective bi-weekiy rate is equivalent? What effective

1. {5 marks) What effective annual rate is equivalent to an APR of 20% given bi-weekiy compounding? What effective bi-weekiy rate is equivalent? What effective monthly rate is equivalent? Discuss the meaning of these effective rates

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