A student bought a $75 used guitar and agreed to pa for it with a single $85
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A student bought a $75 used guitar and agreed to pa for it with a single $85 payment at the end of 6 months Assuming semiannual (every 6 months) compounding, what is the nominal annual interest rate? What is the effective interest rate?
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F P 1 i n 85 75 1 i 1 1 i 8575 1133 i ...View the full answer
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