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A bank is offering a five-year term deposit that will pay 9% per annum compounded quarterly. If $180 000 was invested in this term deposit:
A bank is offering a five-year term deposit that will pay 9% per annum compounded quarterly. If $180 000 was invested in this term deposit:
(6 marks)
(3 marks) (5 marks)
21/05
i. ii.
how much money will you have at the end of four years? what is the EAR?
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