What semi-annual compounding apr does the store need, Finance Basics

What semi-annual compounding apr does the store need

Problem

A store wants to sell customers credit by giving them 6 months to pay (semi-annual period). Their bank will help with financing and will charge a monthly compounding rate of 16.8%. What semi-annual compounding APR does the store need to charge to cover the finance charges from the bank exactly?

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Finance Basics: What semi-annual compounding apr does the store need

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Finance Basics: What semi-annual compounding apr does the store need

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