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Frank would like you to calculate the amount of money in his account at the end of ten years. There was an initial deposit of
Frank would like you to calculate the amount of money in his account at the end of ten years. There was an initial deposit of $8,000 and an 8 percent annual interest rate. Interest is compounded (a) annually, (b) semiannually, and (c) quarterly. (Use a Financial calculator or Excel to arrive at the answers. Round the final answers to the nearest whole dollar. Submit your calculations on Moodle) Calculate the effective annual interest rate of each compounding possibility. (Use a Financial calcular or the answers. Round the final answers to 2 decimal places. Submit your calculations on Moodle)
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