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Gavin deposits 1000 into an account that earns a nominal discount rate of 5% convertible semiannually for three years and a nominal discount rate of
Gavin deposits 1000 into an account that earns a nominal discount rate of 5% convertible semiannually for three years and a nominal discount rate of d convertible monthly for the next four years. If the account is worth 1600 in seven years, calculate d. A) 7.3% B) 7.5% C) 7.9% D) 8.1% E) 8.4%
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