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6. The current interest rate is reported as a 15%APR with monthly compounding. (a) What is the effective interest rate over one month (i.e., the

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6. The current interest rate is reported as a 15%APR with monthly compounding. (a) What is the effective interest rate over one month (i.e., the effective monthly rate)? (b) What is the effective interest rate over one year (i.e., the effective annual rate)? (c) Using the above interest rate, what is the present value of $100 paid in 6 months

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