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The annual nominal rate is j m = 0.16pa. What is the effective annual rate as a percentage to two decimal places? The number of

The annual nominal rate is jm= 0.16pa. What is the effective annual rate as a percentage to two decimal places? The number of compounding periods is 8. Enter your answer as a decimal eg 17.42% = .1742 to four decimal places. Accuracy of one basis point. Tip: use excel to get the required accuracy.

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