An investment of $5000 in a TFSA (Tax Free Savings Account) accumulated to $5280 at the end
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An investment of $5000 in a TFSA (Tax Free Savings Account) accumulated to $5280 at the end of one year at a monthly compounding interest rate. However, the monthly compounding interest rate for the second year changed and the balance in the account at the end of the second year was $5875. Calculate the nominal interest rate for the first year and the nominal interest rate for the second year.
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Related Book For 
Mathematics Of Business And Finance
ISBN: 9781927737545
4th Edition
Authors: Larry Daisley, Thambyrajah Kugathasan, Diane Huysmans
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