A student bought a 75 used guitar and agreed to pa for it


A student bought a $75 used guitar and agreed to pa for it with a single $85 payment at the end of 6 months Assuming semiannual (every 6 months) compounding, what is the nominal annual interest rate? What is the effective interest rate?

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Macroeconomics: A student bought a 75 used guitar and agreed to pa for it
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