3-62 Jack deposited $500,000 into a bank for 6 months. At the end of that time, he...

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3-62 Jack deposited $500,000 into a bank for 6 months. At the end of that time, he withdrew the money and received $520,000. If the bank paid interest based on continuous compounding:

(a) What was the effective annual interest rate?

(b) What was the nominal 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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Question Posted: Oct 26, 2024 07:01 AM

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3-62 Jack deposited $500,000 into a bank for 6 months. At the end of that time, he...

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Engineering Economic Analysis

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