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a) Given effective quarterly interest rate equal to 3.25%, find the equivalent monthly interest rate. Ans: 1.078%. Show all work. b)Given effective annual discount rate

a) Given effective quarterly interest rate equal to 3.25%, find the equivalent monthly interest rate.

Ans: 1.078%. Show all work.

b)Given effective annual discount rate equal to 9.2%, find the nominal interest rate compounded quarterly.

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