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3) Ravi invests $10,000 in an investment account that pays 4% compounded semi- annually. Ravi takes each interest payment and invests it in a savings

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3) Ravi invests $10,000 in an investment account that pays 4% compounded semi- annually. Ravi takes each interest payment and invests it in a savings account that pays 1% compounded monthly. a) How much money does Ravi have at the end of 10 years? b) What is the effective annual rate he earned over 10 years

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