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A sum of money is left invested for two years. In the first year it earns interest at 8% compounded quarterly and in the second

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A sum of money is left invested for two years. In the first year it earns interest at 8% compounded quarterly and in the second year it earns 6% compounded monthly. At the end of the second year, an investment management fee of 2% is deducted from the investment. Find the effective annual rate earned by the investment

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