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majarm majarm
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6 years ago
Determine the effective rate of interest corresponding to 6% p.a. compounded monthly
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
i =   = 0.5% = 0.005; m = 12
f =   - 1
f =   - 1
f = 1.061677812 - 1 = 0.061677812 = 6.17%

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