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3. Jim Duggan made an investment of $10,000 in a savings account10 years ago. This account paid interest of 5.5% for the first 4 years
3. Jim Duggan made an investment of $10,000 in a savings account10 years ago. This account paid interest of 5.5% for the first 4 years and 6.5% interest for the remaining 6 years. The interest charges were compounded quarterly. What is the effective (actual) interest rate for this investment over 10 years? (6 Points)
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