What simple interest rate is equivalent to: a. 6% compounded monthly for 5 years' b. 15%, semi-annually for 13 years?

Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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What simple interest rate is equivalent to:
a. 6% compounded monthly for 5 years?
b. 15%, semi-annually for 13 years?
Transcribed Image Text:What simple interest rate is equivalent to: a. 6% compounded monthly for 5 years? b. 15%, semi-annually for 13 years?
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