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An engineer in a developing country observes that his project bank account has grown from $1,600,000 to $1,769,279 in 20 days with no deposit or
An engineer in a developing country observes that his project bank account has grown from $1,600,000 to $1,769,279 in 20 days with no deposit or withdrawals being made. He knows the account earns interest compounded daily. (a) What is the daily compound rate of interest, in percent, earned on the account? (b) What is the effective annual interest, in percent? (c) What is the nominal annual interest, in percent
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