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help me!!! 4. The Toronto Estonian Credit union charges 17% compounded monthly on certain types of loans. They want to convert that to a rate
help me!!!
4. The Toronto Estonian Credit union charges 17% compounded monthly on certain types of loans. They want to convert that to a rate compounded quarterly, that maintains the same effective rate. Determine: (3 marks) a. The effective rate of 17% compounded monthly. b. The nominal rate (j) of interest compounded quarterly is equal to 17% compounded monthlyStep by Step Solution
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