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3. Calculate the effective rate (ER) corresponding to time intervals where, NR=12.45%. a. Annually (2 pts) b. Semi-annually (2 pts) C. Quarterly (2 pts) d.

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3. Calculate the effective rate (ER) corresponding to time intervals where, NR=12.45%. a. Annually (2 pts) b. Semi-annually (2 pts) C. Quarterly (2 pts) d. Monthly (2 pts) e. Daily (use 1 banker's year) (2 pts)

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