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3. You deposit 500 in an account that pays an interest of 10% per year compounded monthly. a. specify the annual nominal interest rate and
3. You deposit 500 in an account that pays an interest of 10% per year compounded monthly.
a. specify the annual nominal interest rate and the effective interest rate of the subperiod.
b. Determine the amount of money available after six months.
c. Determine the annual efective interest rate.
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