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A bank pays simple interest of 4% a year on a five-year certificate of deposit. What is the effective rate of interest during the third

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A bank pays simple interest of 4% a year on a five-year certificate of deposit. What is the effective rate of interest during the third year? $2, 000 was deposited into an account that earns interest at an annual nominal rate of 6% compounded monthly. Calculate the dollar amount of interest earned during the fifth year

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