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Your local bank is offering 6% APR on new savings account and you have calculated the EAR to be 6.18%. What is the periodic
Your local bank is offering 6% APR on new savings account and you have calculated the EAR to be 6.18%. What is the periodic rate expressed as a decimal? You are hoping to have $10,000 in your account 7 years from today to go on a reindeer expedition in Lapland. If your current balance is $6,000, what APR (compounded monthly) would be required if you are to have $10,000 in your account in 7 years?
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Understanding the Law
Authors: Donald L. Carper, John A. McKinsey
6th edition
538473592, 978-0538473590
