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What is the effective rate for the year using a year

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Problem 1: A financial institution quotes a rate of 6.73 percent compounded monthly. What is the effective rate for the year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Problem 2: A financial institution quotes a rate of 3.55 percent compounded daily. What is the effective rate for the year using a 365 day year? (Do not round intermediate calculations, round answer to two decimals, i.e. 123.45)

Reference no: EM132957001

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