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Island Industries,Inc.reported Net Sales of $306,000,Cost of Goods Sold of $192,600,Operating Expenses of $58,900,and Income Tax Expense of 12,300.Island Industries' net income percentage was:
Nominal Rate
The stated interest rate on a financial product, not accounting for inflation or the compounding of interest.
Effective Rate
The actual interest rate on an investment or loan, accounting for the effect of compounding over a given period.
Deposits
Funds placed into banking institutions for safekeeping. These can be made into various types of accounts including savings, checking, and money market accounts.
Effective Rate
The actual interest rate an investor receives after the effects of compounding interest are taken into account.
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