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3.46 A bank is offering to sell 6-month certificates of A deposit for $12,000. At the end of 6 months, the bank will pay $13,000

3.46 A bank is offering to sell 6-month certificates of A deposit for $12,000. At the end of 6 months, the bank will pay $13,000 to the certificate owner. Compute the nominal annual interest rate and the effective annual interest rate

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