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Question 7 2 pts When no compound period is given with an interest rate, the compounding period: Is the same as Payment period
Question 7 2 pts When no compound period is given with an interest rate, the compounding period: Is the same as Payment period. O is equal to the interest period. Is considered to be monthly. Is assumed to be annually.
Expert Solution
Explanation:- If the interest period and compounding period are not stated ,then the interest rate is understood to be annual with annual compounding.The bank dipositors usualy have compound interest.the time break between the occasion at which interest is added to the account is called the compounding period .Some times compounding periods are 1day,1month,3months,6months,1year etc.Generally the compounding period ,the interest rate is given an annual rate(nominal rate)
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