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What is effective interest rate if interest is compounded

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Problem 1: If a credit card company runs an ad quoting a nominal interest rate of 14.7 percent on charges. What is the effective interest rate if interest is compounded quarterly? Monthly? The effective annual rate is ____________ (two decimal places) if compounded quarterly. And the effective rate is ______ (two decimal places) if compounded monthly.

Reference no: EM132970329

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