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14 & 15 14) A bank quoted 10% annual interest rate. If the banked compounds the interest rate quarterly, what would be the effective annual

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14 & 15

14) A bank quoted 10% annual interest rate. If the banked compounds the interest rate quarterly, what would be the effective annual rate (EAR)? 15) If you deposited $5.000 in a bank that offers 12% annual interest rate. If the bank compounds the interest rate monthly and you want to keep your money for 5 years, how much money you will find in your account in the fifth year

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