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A lump sum of $10,000 is deposited into an account earning a nominal annual interest rate of 4.0 percent. If it is left there with

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A lump sum of $10,000 is deposited into an account earning a nominal annual interest rate of 4.0 percent. If it is left there with no additional deposits and is withdrawn at the end of the 8th year, calculate the effective interest rate that is earned under the following scenarios: a) Annual Compounding b) Semi-Annual Compounding: c) Quarterly Compounding

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