Question 1153269
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The growing coefficient (growing factor) in this case is, by the definition


    r = {{{e^0.08}}} = {{{2.71828^0.08}}} = 1.083287,


where  e = 2.71828 is the base of natural logarithms (the Euler's number).


Thus the equivalent effective rate of interest compounded annually is 8.3%, approximately.
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Solved, answered and explained.