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An interest rate of 20% per year, compounded monthly is (circle one): a. Effective Annual Rate b. Nominal Annual Rate c. Effective Monthly Rate d.

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An interest rate of 20% per year, compounded monthly is (circle one): a. Effective Annual Rate b. Nominal Annual Rate c. Effective Monthly Rate d. Nominal Monthly Rate Now, calculate the following: Calculate the Effective Annual Rate Calculate the Effective Quarterly Rate Calculate the Effective Monthly Rate

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