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a. Fifth Fourth National Bank has a savings program which will guarantee you $14,000 in 10 years if you deposit $105 per month. What APR

a. Fifth Fourth National Bank has a savings program which will guarantee you $14,000 in 10 years if you deposit $105 per month. What APR is the bank offering you on this savings plan?

b. Fancy Cat Products has a project that will cost $250,100 today and will generate monthly cash flows of $5,445 for the next 62 months. What is the rate of return of this project when expressed as an APR?

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