A nominal rate of interest of 5 compounded semiannually for

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Reference no: EM13640245

You are given a loan on which interest is charged over a three year period, as follows:

1) An effective rate of discount of 6% for the first year;

2) A nominal rate of discount of 5% compounded every two years for the second year;

3) A nominal rate of interest of 5% compounded semiannually for the third year.

Calculate the annual effective rate of interest over the three year period.

Reference no: EM13640245

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