A student bought a 75 used guitar today and agreed to pay
A student bought a $75 used guitar today and agreed to pay for it $85 six months later. Assuming semi-annual (every six months) compounding, what is the nominal annual interest rate? What is the effective annual interest rate?
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a student bought a 75 used guitar today and agreed to pay for it 85 six months later assuming semi-annual every six
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