SOLVED: 6. Suppose you can borrow money at 8.6% per year (APR)compounded semiannually or 8.4% per year (APR) compounded monthly.a. Calculate the effective annual rates. (Do not round intermediatecalculations. Enter your answers as a percent rounded to 2 decimalplaces.)Effective Annual Rates9.60%9.00%b. Which is the better deal?9.00% per year (APR) compounded monthly.9.60% per year (APR) compounded semiannually.7. a. If the interest rate is 5.6%per year, approximately how long will it take for yo
SOLVED: 6. Suppose you can borrow money at 8.6% per year (A…
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