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1 answer:
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Answer:
or 1.945%
Step-by-step explanation:
Term annual percentage rate(APR) is the annual interest rate charged ona financial year for a duration of one year. APR can be converted to weekly, monthly, daily or even semi-annual rates using the below formula.
Effective rate for period = (1 + annual rate)(1 / n of periods) – 1
Rate is given as: