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2 What is the effective annual interest rate in each situation? A. A savings account with 4% annual interest rate compounded daily (assume a year

2 What is the effective annual interest rate in each situation? A. A savings account with 4% annual interest rate compounded daily (assume a year consists of 365 days)? (4 Marks) B. A savings account with 4% annual interest rate compounded monthly. (4 Marks)

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