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5. Effective Rates. Find the effective rate for each type of investment. Round your answers the nearest tenth of a percent. a) A savings

5. Effective Rates. Find the effective rate for each type of investment. Round your answers the nearest tenth of a percent. a) A savings account that pays 8 % % compounded daily. EFFECTIVE RATE: b) A bond that costs $2000 and in twelve years is redeemable for $5250. EFFECTIVE RATE: c) A mutual fund that quadruples every 17 years. EFFECTIVE RATE: d) A fixed-rate certificate of deposit that pays 8% interest, compounded continuously. EFFECTIVE RATE:

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