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1. Your bank is offering you an account that will pay 22% interest (an effective two-year rate) in total for a two-year deposit. Determine the

1. Your bank is offering you an account that will pay 22% interest (an effective two-year rate) in total for a two-year deposit. Determine the equivalent discount rate for the following periods:

a. Six months

b. One year

c. One month

(Note: Be careful not to round any intermediate steps less than six decimal places.)

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