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If interest is charged at 3.05% compounded monthly for 5 years, determine (a) the periodic interest rate and (b) the number of compounding periods: a)

If interest is charged at 3.05% compounded monthly for 5 years, determine (a) the periodic interest rate and (b) the number of compounding periods: a) periodic interest rate = (state as a percent rounded to four decimal places) b) number of compounding periods?

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