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1-A bank advertises it pays 4% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 5 years. What

1-A bank advertises it pays 4% annual interest, compounded daily, on savings accounts, provided the money is left in the account for 5 years. What is the effective annual interest rate?

2-A student bought a $75 used guitar and agreed to pay for it with a single $80 payment at the end of 3 months. What is the nominal annual interest rate? What is the effective interest rate?

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