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a.What effective annual rate results from the quarterly compounding of 10%? b.Suppose that you have a mortgage on your house. You make monthly payments. Your

a.What effective annual rate results from the quarterly compounding of 10%?

b.Suppose that you have a mortgage on your house. You make monthly payments. Your rate of return per month is 1.5%. What is the APR on your loan? What is your effective annual rate?

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