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a) Calculate the time in days for an investment of 700 to accumulate to 750 at the following rates of interest: i) An effective force

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a) Calculate the time in days for an investment of 700 to accumulate to 750 at the following rates of interest: i) An effective force of interest of 5% per annum; ii) A simple rate of discount of 5% per annum; iii) 5% per annum, convertible monthly. You should assume that each year has exactly 365 days, and your answers should be rounded up to the next integer. [6 marks] b) Explain, without doing any calculations, how your answer to a) iii) above would change if the interest rate were 5% per annum effective. [3 marks]

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