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If the bank quotes a borrowing interest rate of 1 2 % per year. What compounding time do you prefer: a . Annualb. Monthlyc. ContinuousShow

If the bank quotes a borrowing interest rate of

12 %

per year. What compounding time do you prefer: a

.

Annualb. Monthlyc. ContinuousShow the effective interest rate for each case.

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