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suppose united bank offers to lend you $10,000 for one year at a nominal annual rate of 8.00%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. what is the effective annual rate on the loan? a.8.66% b.8.88% c.8.24% d.8.45% e.9.10%
Sagot :
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