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1. The interest rate for the loan is 4.7% p.a. effective. Calcualte the equivalent nominal annual rate compounding monthly. Give your answer as a percentage

1. The interest rate for the loan is 4.7% p.a. effective. Calcualte the equivalent nominal annual rate compounding monthly. Give your answer as a percentage to 4 decimal places, and do NOT include a percentage sign.

2. Calculate the equivalent effective monthly rate. Give your answer as a percentage to 4 decimal places, and do NOT include a percentage sign

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