Fury Company invested $1,600 for 1 year at a stated rate of 12%. Interest is...

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Accounting

Fury Company invested $1,600 for 1 year at a stated rate of 12%. Interest is compounded semiannually. What interest rate is used for the computations? What is the effective
interest rate? (Do not round intermediary calculations. Only round the percentage to two decimal places, X.XX%)
The interest rate used for the computations is
%
The effective interest rate is
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