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4. What is the future value of $1,000 payable five years from now, and the effective interest rate, ieff, at a nominal interest rate of
4. What is the future value of $1,000 payable five years from now, and the effective interest rate, ieff, at a nominal interest rate of 12\% per year compounded a) annually; b) quarterly; c) monthly; d) daily; and e) continuously? f) Explain in one or two sentences why you get higher future values as you move from a) through e)
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