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Calculate equivalent nominal annual rate compounded monthly

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Reference no: EM132965130

A finance company will lend money at the nominal annual rate compounded daily of 5% pa.

Problem 1: Calculate the equivalent annual effective rate (j). Give your answer as a percentage per annum to 3 decimal places.

j = % pa

Problem 2: Calculate the equivalent nominal annual rate compounded monthly (j12). Give your answer as a percentage per annum to 3 decimal places.

Reference no: EM132965130

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