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A fund pays simple interest of 6% per annum. If you invest $350 in this fund, what is the equivalent annual effective rate of interest

A fund pays simple interest of 6% per annum. If you invest $350 in this fund, what is the equivalent annual effective rate of interest over the fifth year of your investment? Select one: OA. 4.62% OB. 4.73% OC. 4.84% D. 4.96%

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