An interest rate of 2% per month is the same as: (a) 24% per year, compounded monthly
Question:
An interest rate of 2% per month is the same as:
(a) 24% per year, compounded monthly
(b) A nominal 24% per year, compounded monthly
(c) An effective 24% per year, compounded monthly
(d) Both (a) and (b)
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