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1.Mr. Smith plans to deposit money in a bank that pays 10% per year, compounded daily. What is effective interest rate semiannually? 2. What is

1.Mr. Smith plans to deposit money in a bank that pays 10% per year, compounded daily. What is effective interest rate semiannually?

2. What is the effective annual interest rate corresponding to a nominal interest rate of 10% per year, compounded continuously?

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