2. If money is worth 5.3%/year compounded monthly, determine the present value of a debt of $3000 due in 48 years with interest at 6.6%/year compounded semi-annually.
4. Determine (within one basis point)the nominal annual interest rate (APR) compounded daily which is equivalent to an "Effective annual rate". (EAR) of9%/year.

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To determine the present value of a debt of 3000 due in 48 years with interest at 66 per year compou... View the full answer