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A loan has a nominal interest rate of 14% per annum. Interest is compounded ev...
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A loan has a nominal interest rate of 14% per annum. Interest is compounded every three months. Which one of the following options reflects the effective annual interest rate on the loan? Set your calculator to four decimal places. Round the final interest rate to two decimal places. Slight rounding differences may occur - choose the alternative that is closest to your answer.
(a) 14,75%
(b) 14,67%
(c) 13,80%
(d) 13,32%
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