Suppose you can borrow money at 1071 per year apr, Financial Management

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Suppose you can borrow money at 1071 per year apr

Suppose you can borrow money at 10.71% per year (APR) compounded semiannually or 9.12% per year (APR) compounded monthly.

a. Calculate the Effective Annual Rate. (Do not round intermediate calculations. Round your answers to 2 decimal places.)

Effective Annual Rate

10.71% ______%

9.12% ______%

b. Which is the better deal?

a. APR compounded monthly

b. APR compounded semiannually.

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Financial Management: Suppose you can borrow money at 1071 per year apr

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