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  • 20-03-2024
  • Mathematics
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When calculating the effective rate of a loan, which statement or statements must be true if n is equal to 1?
I. The nominal rate equals the effective rate.
II. The length of the loan is exactly one year.
III. The interest is compounded annually.
a.
I and III
b.
II and III
c. I only
d. Ill only

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