Question
A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 7 percent,
A life insurance company offers loans to its policyholders against the cash value of their policies at a (nominal) annual interest rate of 7 percent, compounded quarterly. Determine the effective annual percentage interest rate on these loans. Round your answer to two decimal places.
Please show work in excel & what function to use
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Financial Mathematics
Authors: Cacildo Marques
1st Edition
8741574710, 979-8741574713
