7. Holden borrowed $450 from his sister and 8 months later paid her $550. If interest was compounded monthly, determine the interest rate per compounding period Holden paid. а. 1.86% b. 30.48% С. 2.54% d. 2.48% e. none of the above

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7. Holden borrowed $450 from his sister and 8 months later paid her $550. If interest was compounded
monthly, determine the interest rate per compounding period Holden paid.
a. 1.86%
b. 30.48%
c. 2.54%
d. 2.48%
e. none of the above
Transcribed Image Text:7. Holden borrowed $450 from his sister and 8 months later paid her $550. If interest was compounded monthly, determine the interest rate per compounding period Holden paid. a. 1.86% b. 30.48% c. 2.54% d. 2.48% e. none of the above
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