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AFRI- BANK wants to advertise an investment opportunity to its current and pote...
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AFRI- BANK wants to advertise an investment opportunity to its current and potential clients. The particulars of this investment will be that the client must invest at least R10 000. The effective interest rate will be 9,20% per annum and interest will be earned on a six-monthly basis. They want to know what the nominal interest rate of this investment opportunity will be. Set your calculator to four decimal places for calculations and round the final answer to two decimal places. Slight rounding differences may occur - choose the alternative that is closest to your answer.
(a) 38,49%
(b) 18,40%
(c)
(d) 9,00%