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 semiannually. Determine the effective annual percentage interest rate on these loans. Round your answer to two decimal places.
%
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The Evolution Of Finance
Authors: Barbara Guth
1st Edition
1633377261, 978-1633377264
