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Find the interest rate (with annual compounding) that makes the statement true. Round to the nearest tenth when necessary.

Find the interest rate (with annual compounding) that makes the statement true. Round to the nearest tenth when necessary.
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Find the interest rate (with annual compounding) that makes the statement true. Round to the nearest tenth when necessary.

User Signe
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1 Answer

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Effective annual interest rate = (1 + (nominal rate ÷ number of compounding periods)) ^ (number of compounding periods) - 1.
User Yann Duran
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