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Equal deposits of $ 4 3 0 0 are made at the end of each quarter in an account which earns 7 . 5 %
Equal deposits of $ are made at the end of each quarter in an account which earns compounded monthly for years.
a State the effective rate for compounded monthly to decimal places.
b Using the value you got for part a state the equivalent nominal rate converted quarterly to compounded monthly to decimal places.
c Using the nominal rate from part b determine the balance of the account at the end of years.
d If no more deposits are made, but the money is left in the account accumulating interest for more years, determine the amount in the account at the end of years. Hint: Use compounded monthly.
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