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Suppose you can borrow money at 9.80% per year (APR) compounded semiannually or 8.76% per year (APR) compounded monthly. 11 a. Calculate the effective annual

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Suppose you can borrow money at 9.80% per year (APR) compounded semiannually or 8.76% per year (APR) compounded monthly. 11 a. Calculate the effective annual rates. (Do not round Intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Rates 9 80% 8.76% b. Which is the better deal? O9.80% per year (APR) compounded semiannually. O 8.76% per year (APR) compounded monthly

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