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What is the equivalent rate of interest per payment period

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Question 1: Monthly deposits of $480 were made at the end of each month for 8 years. If interest is 4.5% compounded semi-annually, what is the equivalent rate of interest per payment period?

Option 1: 0.32%

Option 2: 0.375%

Option 3: 2.25%

Option 4: 0.037%

Reference no: EM132582555

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