Question: Given i(4) = 7.875%, find the equivalent effective monthly rate. A) j 12 = 8.11063% B) j 12 = 1.96875% C) j 12 = 8.41903%

Given i(4) = 7.875%, find the equivalent effective monthly rate.

A) j12 = 8.11063%

B) j12 = 1.96875%

C) j12 = 8.41903%

D) j12 = 0.65625%

E) j12 = 0.65199%

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