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5) The Toronto Estonian Credit union charges 15% compounded monthly on certain type of loan. The want to convert that to a rate compounded quarterly,

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5) The Toronto Estonian Credit union charges 15% compounded monthly on certain type of loan. The want to convert that to a rate compounded quarterly, that maintains the same effective rate. Determine: (6 marks) c. The effective rate of 15% compounded monthly. d. The nominal rate (j) of interest compounded quarterly that is equal to 15% compounded monthly. L

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