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For each statement, identify the compounding period, the payment period, and the type of interest rate (nominal or effective), then express each rate as an
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For each statement, identify the compounding period, the payment period, and the type of interest rate (nominal or effective), then express each rate as an effective annual, and monthly rate.
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8% per year
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2.5% per quarter
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8.5% compounded monthly
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6.8% quarterly, compounded monthly
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2% per month, compounded weekly
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1% per week
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