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the answer should be 18.6 7-56 A An engineering firm can pay for its liability insur- ance on an annual or monthly basis. If paid

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the answer should be 18.6
7-56 A An engineering firm can pay for its liability insur- ance on an annual or monthly basis. If paid monthly, the insurance costs $4500. If paid annually, the insur- ance costs $50,000. What are the monthly rate of return and the nominal and effective interest rates for paying on an annual basis

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