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5. What is the future value of $950 paid on the last day of each 6 months for 12 years assuming an interest rate of

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5. What is the future value of $950 paid on the last day of each 6 months for 12 years assuming an interest rate of 11 percent compounded semiannually? 6. Calculate the effective annual return on an investment offering a 12 percent interest rate, compounded monthly. (LG 2-9)

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