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calculate the following using the appropriate functions in Excel. A bank pays a stated annual interest rate of 8%. What is the effective annual rate

calculate the following using the appropriate functions in Excel.

  1. A bank pays a stated annual interest rate of 8%. What is the effective annual rate using the following types of compounding? Use a One-Way Data Table to compare quarterly, monthly, and daily compounding.
    1. Quarterly
    2. Monthly
    3. Continuous

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