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(a) (b) Rental costs for office space have been going up at 5% per year compounded semiannually for the past 4 years. If office space

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(a) (b) Rental costs for office space have been going up at 5% per year compounded semiannually for the past 4 years. If office space rent is now RM40 per square foot per month, what were the rental rates 4 years ago? (4 marks) Find the effective rate of interest corresponding to a nominal rate of 8% per year compounded (i) semiannually, [3 marks] monthly [3 marks

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