7. (15 Points) A streaming service charges one fee ($500) for a 2-year subscription. If a...
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7. (15 Points) A streaming service charges one fee ($500) for a 2-year subscription. If a 12% nominal annual interest rate with compounding every month is used. a. What is the effective annual interest rate? b. What is the cost per year of the streaming service? 7. (15 Points) A streaming service charges one fee ($500) for a 2-year subscription. If a 12% nominal annual interest rate with compounding every month is used. a. What is the effective annual interest rate? b. What is the cost per year of the streaming service?
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