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A certain savings and loan company advertises that is pays 6% nominal interest, compounded quarterly. What is the effective interest rate per annum? If you

A certain savings and loan company advertises that is pays 6% nominal interest, compounded quarterly. What is the effective interest rate per annum? If you deposit $6000 now and plan to withdraw it in five years, how much would the account be worth at that time? (Hint: to find the effective interest rate, use the formula: (1 + r/M)^M-1.)

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