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1 (20 Points) A student receives a nominal rate of 20.00% per year from a credit union student account. a) What is the effective interest

1 (20 Points) A student receives a nominal rate of 20.00% per year from a credit union student account. a) What is the effective interest rate if interest is compounded daily in a leap year (show interest rate to two places of decimal)? b) What is the effective interest rate if interest is compounded continuously (show interest rate to two places of decimal)

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