6 What monthly compounded nominal rate would put you in the same financial position as 6.7% compounded semiannually? (Do not round intermediate calculations and round your final answer to 2 decimal places.) The compounded monthly nominal rate %

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A: Let the monthly compounded nominal rate of interest = iIt is given that the effective rate of the…

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A: In finance, the concept time value of money states that the dollar amount available today in hand is…

Q: ques 7

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Q: he APY c ompounde PY is

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A: Compound = n = Semiannually = 2Interest Rate = r = 10%

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Effective Interest Rate

The term interest rate can be defined as the amount that is charged by the lender as a percentage on the principal amount. Interest rate which is charged annually is known as annual percentage rate.