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27. As a Customer Relationship Manager of CBG bank, one of your clients wants to invest GH50,000 for five years. You have an investment account

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27. As a Customer Relationship Manager of CBG bank, one of your clients wants to invest GH50,000 for five years. You have an investment account which offers 16% per annum compounded quarterly. What is the effective annual rate of the investment account? *

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