The interest rate is 10% . Find the effective rate of interest if it is paid seven times a year.O 94.87%O 95.87%O 96.87%O 97.87%

Effective rate of interest Effective rate of interest is defined as an interest rate on a loan or…

Answered: The interest rate is 10%. Find the…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 18P

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4

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The interest rate is 10%. Find the effective rate of interest if it is paid seven times a year. O 94.87% O 95.87% O 96.87% O 97.87%