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Aconstructioncompanyborrows$40,000andrepaystheloanwithfourquarterly payments of $4,000 during the first year and four quarterly payments of $10,000 during the second year after receiving the $40,000 loan. Determine the
- Aconstructioncompanyborrows$40,000andrepaystheloanwithfourquarterly payments of $4,000 during the first year and four quarterly payments of $10,000 during the second year after receiving the $40,000 loan. Determine the equivalent annual effective interest rate. Determine the nominal interest rate compounded quarterly.
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