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You loaned $ 1 0 0 0 to friend today. He promised to pay you back a lump sum of $ 1 5 0 0

You loaned $

1000

to friend today. He promised to pay you back a lump sum of $

1500

in two years. Assuming the interest rate for this loan is

compounded semi

-

annually, you are then charging a nominal interest rate of

21.34 %

for this loan?

Yes

False

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