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1 6 . ( a ) Calculate the time in days for RM 6 , 0 0 0 to accumulate to RM 7 , 6

16.(a) Calculate the time in days for RM6,000 to accumulate to RM7,600 at:
(i) an effective rate of interest of 1% per quarter
(ii) a force of interest of 5% per annum
(iii) a nominal rate of discount of 4% per annum convertible every three months.
Note: You should assume there are 365 days in a year.
(b) Calculate the effective rate of interest per half-year which is equivalent to a force of
interest of 3% per annum.

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