Question: 11% compounded anually 11/2=5.5 =0.055% 1 + 0.055 = 1.055 2 -1= 0.113025= 1.13% incorrect Suppose you can borrow money at 11.00% per year (APR)

11% compounded anually 11/2=5.5 =0.055% 1 + 0.055 = 1.0552-1= 0.113025=

11% compounded anually 11/2=5.5 =0.055%

1 + 0.055 = 1.055²-1= 0.113025= 1.13% incorrect

Suppose you can borrow money at 11.00% per year (APR) compounded semiannually or 9.12% per year (APR) compounded monthly. a. Calculate the effective annual rates. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.)

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