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22 You are working on a project, that is using a yearly nominal interest rate of 15% per year, which is being compounded on a

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You are working on a project, that is using a yearly nominal interest rate of 15% per year, which is being compounded on a monthly basis. What is the effective quarterly rate? 16.08% 3.75% 3.80% 15.00% 15.87%

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