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Lahore Gym allows members to pay the members to pay the annual membership fee by a single payment of $240 at the beginning of the year, or by payments of $22 at the beginning of each month. What effective rate of interest is paid by members, who choose to pay by month?
Non-Random Sample
A sample that is not selected through a random method, potentially leading to biased results due to the method of selection.
Internal Validity
The extent to which a study can demonstrate a causal relationship between variables, minimizing the impact of confounding variables.
External Validity
The extent to which the results of a study can be generalized to other situations and to other people outside of the experimental setting.
Construct Validity
The degree to which a test or instrument measures the theoretical construct or psychological concept it intends to measure.
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