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1. use an effective annual rate of 6.5 % rather than the effective annual rate given in your textbook:
What is the nominal annual interest rate expressed as a percentage rate?
2. use a nominal annual interest rate of 5.1 % rather than the nominal annual rate given in your textbook:
What is the effective annual rate under continuous compounding of that nominal interest rate?
3. use a 5.2 % interest rate compounded continuously.
(a) What is the effective annual rate? %
(b) How long does it take the balance to double?
years (Here you may use a fractional number of years.)
(c) Find the formula for the doubling time t in years, in terms of the interest rate r: