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3. You can get 4% nominal interest at the bank compounded monthly. If you had the following cash flows, what is the effective interest rate

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3. You can get 4% nominal interest at the bank compounded monthly. If you had the following cash flows, what is the effective interest rate you would need to calculate a present worth? a. Cash flows are annual (5 pts.) b. Cash flows are monthly (5 pts.) C. Cash flows are quarterly (5 pts.)

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