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A bank advertises a low, low effective rate of 7.27% for a loan, based on weekly compounding of a nominal rate of 7.5%. a.)How do

A bank advertises a low, low effective rate of 7.27% for a loan, based on weekly compounding of a nominal rate of 7.5%.

a.)How do you know the bank is lying without having to do any calculations?

b.) Help the bank fix their advertisement by finding the appropriate nominal rate.(show work)

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