Question: Amber loans Fred 9 0 0 0 today. Fred will make monthly payments of P starting in one month for three yearsbased on a force

Amber loans Fred 9000 today. Fred will make monthly payments of P starting in one month for three yearsbased on a force of interest rate of 8%. Calculate P. When Amber receives the payments, she is able to investthem in a junk bond fund and earn an annual nominal interest rate of 12% compounded monthly. Calculate theoverall annual nominal interest rate Amber earns over the three years

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