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1. Your aunt gave you $300 to purchase a text book. You are going to pay her back $330 in 5 months. a. What is

1. Your aunt gave you $300 to purchase a text book. You are going to pay her back $330 in 5 months.

a. What is the period rate? Answer as a percent.

b. What is the annual percentage rate (APR)?

c. What is m? What is the effective annual rate (EAR)?

Formulas:

APR=period rate*m

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