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Equal deposits of $4100 are made at the end of each quarter in an account which earns 8% compounded monthly for 13 years. a. State

Equal deposits of $4100 are made at the end of each quarter in an account which earns 8% compounded monthly for 13 years. a. State the effective rate for 8% compounded monthly to 2 decimal places. % b. Using the value you got for part a, state the equivalent nominal rate converted quarterly to 8% compounded monthly to 2 decimal places. % c. Using the nominal rate from part b, determine the balance of the account at the end of 13 years. $ d. If no more deposits are made, but the money is left in the account accumulating interest for 3 more years, determine the amount in the account at the end of 16 years. Hint: Use 8% compounded monthly. $

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