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1. A bank offers savings accounts with high interest rates to its customers. a. If the bank advertises it pays 4% annual interest (APR) on

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1. A bank offers savings accounts with high interest rates to its customers. a. If the bank advertises it pays 4% annual interest (APR) on savings accounts, with the interest compounded daily, what is the effective annual interest rate? b. If you put $2,000 in the savings account, and it has grown to $2,150 at the end of six months, what was the APR and APY? Assume monthly compounding

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