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13. If the nominal rate of interest is 6% pa compounded monthly, what is the effective annual rate? 7.20% b. 6.60% 6.17% d. 6.00% c.
13. If the nominal rate of interest is 6% pa compounded monthly, what is the effective annual rate? 7.20% b. 6.60% 6.17% d. 6.00% c. a. 14. What is the present value of an ordinary annuity of $1000 per month for 20 years discounted at 9% pa (assume monthly compounding)? $9128.55 b. $111 144.95 $109 542.55 d. $18 508.02 c. 15. What is the present value of an annuity of $200 per month for two years, commencing five years from now, discounted at 6% pa? (Assume monthly compounding and that the first annuity payment occurs five years and one month from now.) a. $40 000 b. $29 890.33 $10 109.67 d. $3345.50 c
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