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effective annual rate

What is the effective annual rate of 8.7 percent compounded semi-annually?
Answer
8.99 percent
9.67 percent
8.32 percent
10.27 percent
8.89 percent

Solution Preview

Suppose that we have $100.

an 8.7% annual rate is equal to a 4.35% semi-annual ...

Solution Summary

effective annual rate

$2.19