3-43 A bank advertises it pays 7% annual interest, com- pounded daily, on savings accounts, provided the

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3-43 A bank advertises it pays 7% annual interest, com- pounded daily, on savings accounts, provided the money is left in the account for 4 years. What is the effective annual interest rate?

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Engineering Economic Analysis

ISBN: 9780357419687

11th Edition

Authors: Donald Newnan, Ted Eschenbach, Jerome Lavelle

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