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e ) A deposit of $ 1 , 5 0 0 grows to $ 4 2 6 2 . 0 4 in 7 years. If

e)A deposit of $1,500 grows to $4262.04 in 7 years. If the interest is compounded quarterly, what is the effective rate? (Hint first find I/y.i.e.nominal interest rate, P/Y=1, C/Y=4)

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