A Nominal Variable Is One in Which the Different Categories

question 64

Short Answer

A nominal variable is one in which the different categories or levels of the variable have __________ instead of __________.

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Definitions:

Compounded Monthly

The method of accruing interest on the initial amount of a loan or deposit, thereby earning interest on the accrued interest, on a monthly basis.

12%

A numerical value representing twelve parts per hundred, often used to denote a percentage rate, such as an interest rate or growth rate.

7 Years

A time period of seven years, often used in the context of loans, investments, or tenure.

Compounded Monthly

An interest calculation method where interest is added to the principal balance monthly, causing the subsequent interest to be based on the new, higher balance.