What amount of money will be required to repay a loan of $5,000 on May 31 st
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Question:
What amount of money will be required to repay a loan of $5,000 on May 31st 2000, if this loan is made on May 31st of 1995 at an interest rate of 6% compounded semiannually?
What is the effective interest rate equivalent to an annual interest rate of 10% that is converted semiannually?
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