If 8% per year is compounded bi-annually, what is the effective annual rate?

EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter5: The Time Value Of Money
Section: Chapter Questions
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If 8% per year is compounded bi-annually, what is the effective annual rate?
Transcribed Image Text:If 8% per year is compounded bi-annually, what is the effective annual rate?
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