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Eileen deposits $1,000 in Bank of Homewood at a rate of 6%, compounded every two months. a. Calculate the effective annual rate (EAR). b. Calculate

Eileen deposits $1,000 in Bank of Homewood at a rate of 6%, compounded every two

months. a. Calculate the effective annual rate (EAR). b. Calculate the value of the deposit at the

end of 5 years.

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