If the nominal rate of interest on a loan is 16.3% and interest is compounded monthly, what is the Annual Percentage Rate (APR)? Your answer should be accurate to three decimal places. A9. (a) Given...

Extracted text: If the nominal rate of interest on a loan is 16.3% and interest is compounded monthly, what is the Annual Percentage Rate (APR)? Your answer should be accurate to three decimal places. A9. (a) Given an annual interest rate of 4.3%, what is the maximum amount one will be willing to pay now, as a lump sum, to obtain a pension of £6,720 per year for the next 9 years, if payments are made at end of each year? Your answer should be accurate to two decimal places. (b)