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Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427Fundamentals of Engineering Economics 3rd Edition by Chan Park
Edition 3ISBN: 978-0132775427 Exercise 2
A department store has offered you a credit card that charges interest at 1.65% per month compounded monthly. What is the nominal interest (annual percentage) rate for this credit card? What is the effective annual interest rate?
Explanation
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Given information:
• Monthly compounded...
Fundamentals of Engineering Economics 3rd Edition by Chan Park
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