.I need help with finance homework questions asap. (rounded to 2 decimal places) What is the effective annual rate on a loan with a quoted rate of 7.45% compounded semi-annually?

Corporate Fin Focused Approach
5th Edition
ISBN:9781285660516
Author:EHRHARDT
Publisher:EHRHARDT
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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6.I need help with finance homework questions asap. (rounded to 2 decimal places)

What is the effective annual rate on a loan with a quoted rate of 7.45% compounded semi-annually?

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