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Charter Bank pays a 8% nominal rate on deposits, with 2 compounding periods per year (For instance: If 4 compounding periods, this is quarterly compounding;
Charter Bank pays a 8% nominal rate on deposits, with 2 compounding periods per year (For instance: If 4 compounding periods, this is quarterly compounding; If 12 compounding periods, this is monthly compounding; If 2 compounding periods, this is semi-annually compounding).
What effective annual rate (EFF%) does the bank pay?
I would like to see the manual process, without Excel
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