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Exercise III (20% - 10 min): You have a $500,000 to invest in a Bank Certificate of Deposit that offers 8% per annum with

Exercise III (20% - 10 min): You have a $500,000 to invest in a Bank Certificate of Deposit that offers 8% per annum with continuous compounding, but interest is actually paid monthly. Calculate the equivalent monthly rate as well as the monthly income that your deposit will be generating to you.

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