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Engineering economics An Engineer took a loan form a bank ($12,000) at X% per year compounded quarterly. He agreed to pay off the loan in

Engineering economics

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An Engineer took a loan form a bank ($12,000) at X% per year compounded quarterly. He agreed to pay off the loan in five equal end of year payments (starting at the end of the first year) each payment equals $3,000 1) Determine the effective annual interest rate 2) Determine the nominal annual interest rate

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