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Comparing Interest Rates Suppose you can borrow money at 9.28% per year (APR) compounded semiannually or 9.63% per year (APR) compounded monthly. a. Calculate the

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Comparing Interest Rates Suppose you can borrow money at 9.28% per year (APR) compounded semiannually or 9.63% per year (APR) compounded monthly. a. Calculate the Effective Annual Rate. (Do not round intermediate calculations. Round your answers to 2 decimal places.) 9.28% Effective Annual Rate % % 9.63% b. Which is the better deal? APR compounded monthly. APR compounded semiannually

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