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Suppose you can borrow money at 10.6% per year (APR) compounded semiannually or 9% per year (APR) compounded monthly. a. Calculate the effective annual rates.

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Suppose you can borrow money at 10.6% per year (APR) compounded semiannually or 9% per year (APR) compounded monthly. a. Calculate the effective annual rates. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) Effective Annual Rates 10.60 % 9.00 b. Which is the better deal? O 9.00% per year (APR) compounded monthly. O 10.60% per year (APR) compounded semiannually

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