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A payment of $20 is made on 1 April 2011 and then each quarter until 1 January 2014. Interest rate is charged at 7(4) =

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A payment of $20 is made on 1 April 2011 and then each quarter until 1 January 2014. Interest rate is charged at 7(4) = 16%. Letj be the quarterly effective interest rate and let i be the annual effective rate of interest Are these two ways of evaluating the accummulated value on 1 January 2016 equivalent? 805* (1 + i)* # 2087]; *(1+i)? Select one: True False

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