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8. a) Calculate the effective interest rate equivalent to i) 4% quarterly ii) 3.75% monthly b) Determine which is a higher yield investment, $1000 invested

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8. a) Calculate the effective interest rate equivalent to i) 4% quarterly ii) 3.75% monthly b) Determine which is a higher yield investment, $1000 invested in an account paying 4% quarterly or $1000 invested at 3.75% compounded monthly

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