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Bank A gives a nominal annual interest of 56% on 3-month term deposits. In this bank, an interest income of 172,240,040 TL was obtained in
Bank A gives a nominal annual interest of 56% on 3-month term deposits. In this bank, an interest income of 172,240,040 TL was obtained in return for a certain amount of principal evaluated for a period of 1 year. a) How much is the principal invested initially? b) What is the gross rate of return in a year?
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