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Answer all parts with full steps and as per the method mentioned to get 100% feedback!! NO EXCEL, USE ONLY HANDWRITTEN FORMULAS. Determine the effective
Answer all parts with full steps and as per the method mentioned to get 100% feedback!! NO EXCEL, USE ONLY HANDWRITTEN FORMULAS.
Determine the effective annual interest rate in each of the following cases for a loan offered in purchasing an equipment. Which effective annual interest rate is a better choice.
A) 1.25% interest compounded monthly
B) 3% interest compounded quarterly
C) 4.5% interest compounded semi annually
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