Question: 7. 3.7 Identify the following interest rate statements as either nominal or effective: (a) APR of 1.5% per month compounded daily; (b) 17% per year

7. 3.7 Identify the following interest rate statements as either nominal or effective:

(a) APR of 1.5% per month compounded daily;

(b) 17% per year compounded quarterly;

(c) effective 15% per year compounded monthly;

(d) nominal 0.6% per month compounded weekly;

(e) 0.3%

per week compounded weekly; and

(f) 8% per year.

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