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(2 points) (Exercise 2.22) A bill for $100 is purchased for $95 four months before it is due. Find: a) The nominal rate of discount

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(2 points) (Exercise 2.22) A bill for $100 is purchased for $95 four months before it is due. Find: a) The nominal rate of discount convertible monthly earned by the purchaser. ANSWER = %. h) The annual effective rate of interest earned by the purchaser. ANSWER = %

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