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Given a 5-year, $1,000 loan paying 8% per year where the interest is compounded quarterly: a) Use the FV function in Excel to calculate the

Given a 5-year, $1,000 loan paying 8% per year where the interest is compounded quarterly:

a) Use the FV function in Excel to calculate the total interest that would accrue.

b) What are the nominal and effective interest yields on this instrument and explain the difference between the two?

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