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A student bought a used car for $3000 and agreed to pay for it with a single $3400 payment at the end of 6 months.

A student bought a used car for $3000 and agreed to pay for it with a single $3400 payment at the end of 6 months. Assuming semiannual compounding (i.e., every 6 months), what is the period interest rate, effective interest rate, and nominal interest rate?

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