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a. On your 18 birthday you receive a $10,000 present from your late grandfather. You put the money into an account paying 8% p.a. (compounded

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a. On your 18" birthday you receive a $10,000 present from your late grandfather. You put the money into an account paying 8% p.a. (compounded quarterly). 1 . What is the effective annual interest rate payable on this account? [3 marks] 1i. How much will be in the account on your 65th birthday? [2 marks]

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