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A payday loan company is offering to give you $1,000 which you can repay the next time you get paid (in about a month's time).
A payday loan company is offering to give you $1,000 which you can repay the next time you get paid (in about a month's time). The interest rate is 9% continuously compounded. What is the effective annual rate on this loan? Multiple Choice 9.20% 9.31% 9.38% 9.42% Infinitely large
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Management Policies In Local Government Finance
Authors: W. Bartley Hildreth, Justin Marlowe, John R. Bartle
6th Edition
0873267656, 978-0873267656
