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Do Homework- ebony white- Microsoft Edge mathd.com/Student/PlayerHomework aspxthomeworkd-456131639&questionld-9;&flushed-t; Homework: 7-2 MyMathLab Problem Set: M Score: 0 of 1 pt X) F.2.13 Given the annual interest rate and the compounding period, find i, the interest rate per compounding period 3% compounded monthly 1 % per month (Type an integer or decimal rounded to the nearest thousandth as needed) Enter your answer in the answer box and then click Check Answer All parts showing Type here to search Th

Explanation / Answer

i = (1 + r/n)n - 1                                                                                                                                                

= (1 + 0.03/12)12 - 1                                                                                               

= 3.042%                                                                                                                                               

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