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Aurora Burns
Mathematics
23 June, 14:10
Periodic rate can be computed using this formula
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Buffy
23 June, 14:17
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Answer & Explanation:
First, divide the nominal rate by the number of compounding periods. The result is the periodic rate. Now add this number to 1 and take the sum by the power of the number of compounding interest rates. Subtract 1 from the product to get the effective interest rate.
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