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Assume that the annual interest rate earned on a deposit is 12%, and the interest rate is compounded monthly. Calculate the monthly interest rate and

Assume that the annual interest rate earned on a deposit is 12%, and the interest rate is compounded monthly. Calculate the monthly interest rate and effective annual interest rate. If you deposit $40,000 in this account, determine what the balance will be after 15 years. What is the maximum effective interest rate when the annual interest rate is 12%?

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