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    Compounded interest rates

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    AN INTEREST RATE OF 2% PER MONTH IS THE SAME AS:

    A. 24% PER YEAR
    B. A NOMINAL 24% PER YEAR, COMPOUNDED MONTHLY ????
    C. AN EFFECTIVE 24% PER YEAR, COMPOUNDED MONTHLY ???
    D. BOTH ''A'' and ''B''

    © BrainMass Inc. brainmass.com June 3, 2020, 6:08 pm ad1c9bdddf
    https://brainmass.com/business/interest-rates/compounded-interest-rates-49237

    Solution Preview

    2% per month would mean 24% per year if compounded once per year

    If ...

    Solution Summary

    The compounded interest rates are provided.

    $2.19

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