A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is

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A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 4 years. What effective annual interest rate do they pay?

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Engineering Economics Analysis

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Mar 01, 2010 04:19 AM

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A bank advertises it pays 7% annual interest, compounded daily, on savings accounts, provided the money is

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Engineering Economics Analysis

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