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Question 2 (25 marks) a) Find the effective rate for r=8% compounded monthly. (2 marks) b) James borrowed $3,500 from a bank for his business

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Question 2 (25 marks) a) Find the effective rate for r=8% compounded monthly. (2 marks) b) James borrowed $3,500 from a bank for his business setup. He plans to repay the debt in a single payment after 4 years. If the interest rate is 7% compounded quarterly, how much is the single payment? (4 marks)

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