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|(1 point) (Exercise 2.22) A bill for $100 is purchased for $95 five months before it is due. Find: |a) The nominal rate of discount

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|(1 point) (Exercise 2.22) A bill for $100 is purchased for $95 five months before it is due. Find: |a) The nominal rate of discount convertible quarterly earned by the purchaser ANSWER = %. 20 h) The annual effective rate of interest earned by the purchaser. ANSWER = %. 22.77

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