Question
Your credit card charges interest on outstanding balances at a nominal rate of 20% compounded monthly. What nominal interest rate, compounded semi-annually, is equivalent to
Your credit card charges interest on outstanding balances at a nominal rate of 20% compounded monthly.
What nominal interest rate, compounded semi-annually, is equivalent to this rate?
a) 22.75
b) 20.85
c) 20.34
d) 22.36
e) 21.94
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Management Accounting
Authors: Charles T. Horngren, Gary L. Sundem, William O. Stratton, Phillip Beaulieu
6th Canadian edition
013257084X, 1846589207, 978-0132570848
