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The sector's bar must pay $2 million in month No. 7 and $700 thousand in month No. 15. Use a market rate of 14.1% p.a.

The sector's bar must pay $2 million in month No. 7 and $700 thousand in month No. 15. Use a market rate of 14.1% p.a. effective and a monthly frequency when converting. What is the nominal monthly convertible annual rate you used? Calculate the equivalent time.

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