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Business, 19.12.2019 20:31 chaseashley24

Your bank account pays a 5% nominal rate of interest. the interest is compounded quarterly. which of the following statements is correct? a. the periodic rate of interest is 1.25% and the effective rate of interest is greater than 5%. b. the periodic rate of interest is 5% and the effective rate of interest is greater than 5%.

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