Determine the effective rate for $1 invested for 1 year at 6.5% compounded semiannually. The effective rate is %. (Do not round until the final answer. Then round to the nearest thousandth as needed.)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 69SGR
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Determine the effective rate for $1 invested for 1 year at 6.5% compounded semiannually.
The effective rate is
%.
(Do not round until the final answer. Then round to the nearest thousandth as needed.)
Transcribed Image Text:Determine the effective rate for $1 invested for 1 year at 6.5% compounded semiannually. The effective rate is %. (Do not round until the final answer. Then round to the nearest thousandth as needed.)
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