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Use the following information to answer the next two questions: Joe needs to grow the $4,240 he currently has to $16,960 in nine years. He

Use the following information to answer the next two questions: Joe needs to grow the $4,240 he currently has to $16,960 in nine years. He has found an investment that offers semiannual compounding and an effective annual rate (EAR) of 13%. Question 22 5 pts What is the periodic interest rate? (Remember a periodic interest rate is defined as: APR m )

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