A financial institution is willing to lend you $1,000. However, you must repay $1,080 at the end

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A financial institution is willing to lend you $1,000. However, you must repay $1,080 at the end of one week.
(a) What is the nominal interest rate?
(b) What is the effective annual interest rate?

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Fundamentals of Engineering Economics

ISBN: 978-0132775427

3rd edition

Authors: Chan S. Park

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Question Posted: Nov 12, 2018 10:36 AM

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A financial institution is willing to lend you $1,000. However, you must repay $1,080 at the end

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Fundamentals of Engineering Economics

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