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*Formula: Effective interest rate <math>r</math> is calculated as follows -
*Formula: Effective interest rate <math>r</math> is calculated as follows -
<math>r = (1 + \frac{nomrate}{npy})∧(npy) - 1 </math>
<math>r = (1 + \frac{nomrate}{npy})^{npy} - 1 </math>
== Examples ==
== Examples ==