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''
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Solution Summary
The compounded interest rates are provided.
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2% per month would mean 24% per year if compounded once per year
If ...
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