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Your bank is offering you an account that will pay 16% interest (an effective two-year rate) in total for a two-year deposit. Determine the equivalent
Your bank is offering you an account that will pay 16% interest (an effective two-year rate) in total for a two-year deposit. Determine the equivalent discount rate for the following periods: a. Six months b. One year c. One month (Note: Be careful not to round any intermediate steps less than six decimal places.) a. Six months The equivalent discount rate for a period length of six months is \%. (Round to two decimal places.)
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