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1. What is the EAR if the APR is 12.0% and the compounding period is monthly? Please round to 2 decimal places and use %

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1. What is the EAR if the APR is 12.0% and the compounding period is monthly? Please round to 2 decimal places and use % symbol. (6 pt.s) 2. You decide to endow an annual business school party at DePaul beginning in three years. The party is expected to cost $1,200 at that time, growing at 3%. Interest rates are 7%. How much would you need to donate today to fund this? (8 pt.s)

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